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REGISTERED NUMBER: OC353705 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Mundys Property Services LLP

Mundys Property Services LLP (Registered number: OC353705)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mundys Property Services LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: S M Bentley
S L Spivey
H Bentley
L Spivey





REGISTERED OFFICE: 29 Silver Street
Lincoln
Lincolnshire
LN2 1AS





REGISTERED NUMBER: OC353705 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Mundys Property Services LLP (Registered number: OC353705)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 230,608 252,641
Tangible assets 5 220,532 186,603
451,140 439,244

CURRENT ASSETS
Stocks 4,500 4,500
Debtors 6 147,403 106,423
Cash at bank 969,845 1,049,115
1,121,748 1,160,038
CREDITORS
Amounts falling due within one year 7 267,318 256,428
NET CURRENT ASSETS 854,430 903,610
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,305,570

1,342,854

CREDITORS
Amounts falling due after more than one
year

8

89,203

48,024
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,216,367

1,294,830

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

1,216,367

1,294,830

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 1,216,367 1,294,830

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Mundys Property Services LLP (Registered number: OC353705)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 22 July 2024 and were signed by:





S M Bentley - Designated member

Mundys Property Services LLP (Registered number: OC353705)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Mundys Property Services LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act . 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 fair value.

The functional currency of Mundys Property Services LLP is considered to be pounds sterling.

Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable,

Amortisation is provided on intangible fixed assets so as to write off the cost, less any residual value, over their expected useful life as follows:

Asset classAmortisation method and rate
Goodwill5% straight line

Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic useful life as follows:

Asset classDepreciation method and rate
Alterations to leasehold premises50% straight line basis
Fixtures and fittings20% reducing balance
Plant and machinery20% reducing balance
Motor vehicles20% reducing balance

Work in progress
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Mundys Property Services LLP (Registered number: OC353705)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Taxation
The taxation payable on the partnership's profit 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.

Trade debtors
Trade debtors are amounts due from customers for 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 the 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.

Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the accounting period, to defer settlement of the creditor fir at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported in the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at the profit available for discretionary division among members. The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 37 (2023 - 37 ) .

Mundys Property Services LLP (Registered number: OC353705)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 440,656
AMORTISATION
At 1 April 2023 188,015
Charge for year 22,033
At 31 March 2024 210,048
NET BOOK VALUE
At 31 March 2024 230,608
At 31 March 2023 252,641

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 33,668 - 194,002 209,564 437,234
Additions - 2,224 6,127 102,844 111,195
Disposals - - - (73,646 ) (73,646 )
At 31 March 2024 33,668 2,224 200,129 238,762 474,783
DEPRECIATION
At 1 April 2023 33,321 - 133,519 83,791 250,631
Charge for year 52 445 13,326 20,831 34,654
Eliminated on disposal - - - (31,034 ) (31,034 )
At 31 March 2024 33,373 445 146,845 73,588 254,251
NET BOOK VALUE
At 31 March 2024 295 1,779 53,284 165,174 220,532
At 31 March 2023 347 - 60,483 125,773 186,603

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 52,570 73,181
Other debtors 94,833 33,242
147,403 106,423

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 14,568 14,761
Trade creditors 48,222 45,158
Taxation and social security 106,058 116,745
Other creditors 98,470 79,764
267,318 256,428

Mundys Property Services LLP (Registered number: OC353705)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 89,203 48,024

The hire purchase and finance leases are secured on the related assets.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 1,216,367 1,294,830

Falling due within one year 1,216,367 1,294,830

Loans to members rank equally to other creditors.

10. CONTROL

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.