Miles & Partners LLP
Annual Report and
Unaudited
Financial Statements
period from 1 January 2024 to 31 March 2024
Registration number: OC346108
Miles & Partners LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Miles & Partners LLP
Balance Sheet
31 March 2024
Note |
31 March 2024 |
31 December 2023 |
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Fixed assets |
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Tangible assets |
86,468 |
87,541 |
|
Current assets |
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Work in progress and accrued income |
2,640,954 |
2,591,390 |
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Debtors |
181,692 |
225,210 |
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Cash and short-term deposits |
569,529 |
865,150 |
|
3,392,175 |
3,681,750 |
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Creditors: Amounts falling due within one year |
(787,595) |
(785,100) |
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Net current assets |
2,604,580 |
2,896,650 |
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Total assets less current liabilities |
2,691,048 |
2,984,191 |
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Provisions |
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Other provisions |
(128,113) |
(128,113) |
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Net assets attributable to members |
2,562,935 |
2,856,078 |
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Represented by: |
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Loans and other debts due to members |
|||
Members' capital classified as a liability |
2,562,935 |
2,856,078 |
|
2,562,935 |
2,856,078 |
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Total members' interests |
|||
Loans and other debts due to members |
2,562,935 |
2,856,078 |
|
2,562,935 |
2,856,078 |
Miles & Partners LLP
Balance Sheet
31 March 2024
For the year ending 31 March 2024 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 and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and the option not to file a profit and loss account has been taken.
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 Miles & Partners LLP (registered number OC346108) were approved by the
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Miles & Partners LLP
Notes to the Financial Statements
Period from 1 January 2024 to 31 March 2024
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 & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at their fair value.
Revenue recognition
Services provided to clients during the year which at the balance sheet date, have not been invoiced to clients, have been recognised in turnover in accordance with applicable Accounting Standards.
Turnover recognised in this manner is based on an assessment of the fair value of the engagement. Revenue is not recognised on those engagements where the right to receive payments is contingent on factors outside the control of the Limited Liability Partnership. Unbilled revenue is included within debtors
Members' remuneration and division of profits
A member's share of the profit for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'Other Reserves'.
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.
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:
Miles & Partners LLP
Notes to the Financial Statements
Period from 1 January 2024 to 31 March 2024
Asset class |
Depreciation method and rate |
Office equipment |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Trade debtors
Trade debtors are amounts due from services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
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.
Provisions
Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Members' interests
Amounts due to members after more than one year comprise loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Financial instruments
Classification
The LLP holds the following financial instruments:
- Short term trade and other debtors and creditors
- Cash and bank balances
All financial instruments are classified as basic.
Miles & Partners LLP
Notes to the Financial Statements
Period from 1 January 2024 to 31 March 2024
Recognition and Measurement
The LLP has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 December 2023 |
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Miles & Partners LLP
Notes to the Financial Statements
Period from 1 January 2024 to 31 March 2024
Creditors: Amounts falling due within one year |
31 March 2024 |
31 December 2023 |
|
Taxation and social security |
335,684 |
362,013 |
Other creditors |
338,988 |
319,958 |
Accruals and deferred income |
57,947 |
48,333 |
Payments on account |
54,976 |
54,796 |
787,595 |
785,100 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
181,692 |
225,210 |
Work in progress and accrued income |
31 March 2024 |
31 December 2023 |
|
Work in progress |
2,640,954 |
2,591,390 |
2,640,954 |
2,591,390 |