3 false false false false false false false false false false false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2021 - FRS102_2021 20,000 20,000 581,040 200,000 20,550 401,590 401,590 xbrli:pure xbrli:shares iso4217:GBP OC351596 2022-11-01 2024-03-31 OC351596 2024-03-31 OC351596 2022-10-31 OC351596 2021-11-01 2022-10-31 OC351596 2022-10-31 OC351596 core:NetGoodwill 2022-11-01 2024-03-31 OC351596 core:PlantMachinery 2022-11-01 2024-03-31 OC351596 core:FurnitureFittings 2022-11-01 2024-03-31 OC351596 core:MotorVehicles 2022-11-01 2024-03-31 OC351596 bus:Director3 2022-11-01 2024-03-31 OC351596 core:NetGoodwill 2024-03-31 OC351596 core:PlantMachinery 2022-10-31 OC351596 core:FurnitureFittings 2022-10-31 OC351596 core:MotorVehicles 2022-10-31 OC351596 core:PlantMachinery 2024-03-31 OC351596 core:FurnitureFittings 2024-03-31 OC351596 core:MotorVehicles 2024-03-31 OC351596 core:WithinOneYear 2024-03-31 OC351596 core:WithinOneYear 2022-10-31 OC351596 core:BetweenOneFiveYears 2022-10-31 OC351596 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 OC351596 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-03-31 OC351596 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 OC351596 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 OC351596 core:Non-currentFinancialInstruments 2024-03-31 OC351596 bus:SmallEntities 2022-11-01 2024-03-31 OC351596 bus:AuditExemptWithAccountantsReport 2022-11-01 2024-03-31 OC351596 bus:FullAccounts 2022-11-01 2024-03-31 OC351596 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2024-03-31 OC351596 bus:LimitedLiabilityPartnershipLLP 2022-11-01 2024-03-31 OC351596 core:OfficeEquipment 2022-11-01 2024-03-31 OC351596 core:OfficeEquipment 2022-10-31 OC351596 core:OfficeEquipment 2024-03-31
REGISTERED NUMBER: OC351596
Millen Capital Partners LLP
Filleted Unaudited Financial Statements
31 March 2024
Millen Capital Partners LLP
Balance Sheet
31 March 2024
31 Mar 24
31 Oct 22
Note
£
£
£
Fixed assets
Tangible assets
6
31,221
40,054
Investments
7
401,590
---------
--------
432,811
40,054
Current assets
Debtors
8
33,869
Cash at bank and in hand
15,014
773,650
--------
---------
15,014
807,519
Creditors: amounts falling due within one year
9
244,218
6,534
---------
---------
Net current (liabilities)/assets
( 229,204)
800,985
---------
---------
Total assets less current liabilities
203,607
841,039
---------
---------
Net assets
203,607
841,039
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
10
175,607
813,039
Members' other interests
Members' capital classified as equity
28,000
28,000
Other reserves
---------
---------
203,607
841,039
---------
---------
Total members' interests
Loans and other debts due to members
10
175,607
813,039
Members' other interests
28,000
28,000
---------
---------
203,607
841,039
---------
---------
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 (including profit and loss account) has not been delivered.
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 .
Millen Capital Partners LLP
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 6 August 2024 , and are signed on their behalf by:
Mr A J Millen
Designated Member
Registered number: OC351596
Millen Capital Partners LLP
Notes to the Financial Statements
Period from 1 November 2022 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 33 Lancaster Road, Birkdale, Southport, PR8 2LA.
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 investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. There are no material judgements, estimates or assumptions.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable in respect of business written during the year.
Members' participation rights
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, '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'. 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.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income (including profit and loss account) in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such 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 statement of comprehensive income (including profit and loss account) and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
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 statement of comprehensive income (including 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'.
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
-
10% 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% straight line
Office equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 3 (2022: 7 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 March 2024
20,000
--------
Amortisation
At 1 November 2022 and 31 March 2024
20,000
--------
Carrying amount
At 31 March 2024
--------
At 31 October 2022
--------
6.
Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
36,802
5,645
56,632
105,082
204,161
Additions
1,179
1,179
Disposals
( 50,995)
( 50,995)
--------
-------
--------
---------
---------
At 31 March 2024
36,802
5,645
5,637
106,261
154,345
--------
-------
--------
---------
---------
Depreciation
At 1 November 2022
36,802
5,645
56,632
65,028
164,107
Charge for the period
10,012
10,012
Disposals
( 50,995)
( 50,995)
--------
-------
--------
---------
---------
At 31 March 2024
36,802
5,645
5,637
75,040
123,124
--------
-------
--------
---------
---------
Carrying amount
At 31 March 2024
31,221
31,221
--------
-------
--------
---------
---------
At 31 October 2022
40,054
40,054
--------
-------
--------
---------
---------
7.
Investments
Other investments other than loans
£
Cost
At 1 November 2022
Additions
581,040
Disposals
( 200,000)
Revaluations
20,550
---------
At 31 March 2024
401,590
---------
Impairment
At 1 November 2022 and 31 March 2024
---------
Carrying amount
At 31 March 2024
401,590
---------
At 31 October 2022
---------
8.
Debtors
31 Mar 24
31 Oct 22
£
£
Other debtors
33,869
----
--------
9. Creditors: amounts falling due within one year
31 Mar 24
31 Oct 22
£
£
Social security and other taxes
701
Other creditors
244,218
5,833
---------
-------
244,218
6,534
---------
-------
10.
Loans and other debts due to members
31 Mar 24
31 Oct 22
£
£
Amounts owed to members in respect of profits
175,607
813,039
---------
---------
Amounts due to members rank as unsecured creditors.
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
31 Oct 22
£
£
Later than 1 year and not later than 5 years
30,000
----
--------