2 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SO300076 2023-04-01 2024-03-31 SO300076 2024-03-31 SO300076 2023-03-31 SO300076 2022-04-01 2023-03-31 SO300076 2023-03-31 SO300076 2022-03-31 SO300076 core:PlantMachinery 2023-04-01 2024-03-31 SO300076 core:FurnitureFittings 2023-04-01 2024-03-31 SO300076 core:MotorVehicles 2023-04-01 2024-03-31 SO300076 bus:Director1 2023-04-01 2024-03-31 SO300076 bus:Director2 2023-04-01 2024-03-31 SO300076 core:LandBuildings 2023-03-31 SO300076 core:PlantMachinery 2023-03-31 SO300076 core:FurnitureFittings 2023-03-31 SO300076 core:LandBuildings 2024-03-31 SO300076 core:PlantMachinery 2024-03-31 SO300076 core:FurnitureFittings 2024-03-31 SO300076 core:WithinOneYear 2024-03-31 SO300076 core:WithinOneYear 2023-03-31 SO300076 core:LandBuildings 2023-03-31 SO300076 core:PlantMachinery 2023-03-31 SO300076 core:FurnitureFittings 2023-03-31 SO300076 bus:SmallEntities 2023-04-01 2024-03-31 SO300076 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SO300076 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SO300076 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 SO300076 bus:FullAccounts 2023-04-01 2024-03-31 SO300076 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SO300076 core:FurnitureFittingsToolsEquipment 2023-03-31 SO300076 core:FurnitureFittingsToolsEquipment 2024-03-31 SO300076 core:KeyManagementIndividualGroup1 2023-04-01 2024-03-31
REGISTERED NUMBER: SO300076
MCM Investment House LLP
Filleted Unaudited Financial Statements
31 March 2024
MCM Investment House LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
233,840
234,371
Current assets
Debtors
6
32,512
26,421
Investments
7
6,149
Cash at bank and in hand
150,577
46,080
---------
--------
189,238
72,501
Creditors: amounts falling due within one year
8
47,366
50,382
---------
--------
Net current assets
141,872
22,119
---------
---------
Total assets less current liabilities
375,712
256,490
---------
---------
Net assets
375,712
256,490
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
375,712
256,490
---------
---------
Members' other interests
Other reserves
---------
---------
375,712
256,490
---------
---------
Total members' interests
Loans and other debts due to members
9
375,712
256,490
Members' other interests
---------
---------
375,712
256,490
---------
---------
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 income statement has not been delivered.
For the year 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 .
MCM Investment House LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 4 October 2024 , and are signed on their behalf by:
Mr A McIntosh
Miss J W Cuthbert
Designated Member
Designated Member
Registered number: SO300076
MCM Investment House LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in Scotland. The address of the registered office is No 17 Queensgate, Second Floor, Inverness, Highland, IV1 1DF.
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 accounts are prepared in accordance with UK GAAP. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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 income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 income statement and are equity appropriations in the statement of financial position.
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 statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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. 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 year, including the members with contracts of employment, amounted to 2 (2023: 2 ).
5.
Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
225,000
13,370
9,714
34,581
282,665
Additions
786
1,391
2,177
---------
--------
--------
--------
---------
At 31 March 2024
225,000
13,370
10,500
35,972
284,842
---------
--------
--------
--------
---------
Depreciation
At 1 April 2023
13,185
8,889
26,220
48,294
Charge for the year
28
242
2,438
2,708
---------
--------
--------
--------
---------
At 31 March 2024
13,213
9,131
28,658
51,002
---------
--------
--------
--------
---------
Carrying amount
At 31 March 2024
225,000
157
1,369
7,314
233,840
---------
--------
--------
--------
---------
At 31 March 2023
225,000
185
825
8,361
234,371
---------
--------
--------
--------
---------
6.
Debtors
2024
2023
£
£
Other debtors
32,512
26,421
--------
--------
7.
Investments
2024
2023
£
£
Other investments
6,149
-------
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
( 1)
12
Social security and other taxes
1,454
Other creditors
27,874
36,477
Other creditors - wages
747
Other creditors
17,292
13,893
--------
--------
47,366
50,382
--------
--------
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
375,712
256,490
---------
---------
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. No additional protection is afforded to creditors.
10.
Related party transactions
Profits amounting to £564,886 (2023 - £297,802) were available for distribution among two (2023 - two) members of key management personnel.