Manchester Square Partners LLP OC313806 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of mentoring and career strategy consultants. Digita Accounts Production Advanced 6.30.9574.0 Software OC313806 2023-04-01 2024-03-31 OC313806 2024-03-31 OC313806 core:CurrentFinancialInstruments 2024-03-31 OC313806 core:BetweenOneFiveYears 2024-03-31 OC313806 core:MoreThanFiveYears 2024-03-31 OC313806 core:WithinOneYear 2024-03-31 OC313806 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 OC313806 core:PlantMachinery 2024-03-31 OC313806 bus:SmallEntities 2023-04-01 2024-03-31 OC313806 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC313806 bus:FullAccounts 2023-04-01 2024-03-31 OC313806 bus:RegisteredOffice 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP1 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP2 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP3 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP4 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP5 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP6 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP7 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP8 2023-04-01 2024-03-31 OC313806 bus:PartnerLLP9 2023-04-01 2024-03-31 OC313806 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC313806 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 OC313806 core:LeaseholdImprovements 2023-04-01 2024-03-31 OC313806 core:PlantMachinery 2023-04-01 2024-03-31 OC313806 countries:AllCountries 2023-04-01 2024-03-31 OC313806 2023-03-31 OC313806 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 OC313806 core:PlantMachinery 2023-03-31 OC313806 2022-04-01 2023-03-31 OC313806 2023-03-31 OC313806 core:CurrentFinancialInstruments 2023-03-31 OC313806 core:BetweenOneFiveYears 2023-03-31 OC313806 core:MoreThanFiveYears 2023-03-31 OC313806 core:WithinOneYear 2023-03-31 OC313806 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 OC313806 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC313806

Manchester Square Partners LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Manchester Square Partners LLP

Contents

Limited Liability Partnership Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Manchester Square Partners LLP

Limited Liability Partnership Information

Designated members

Caroline Bell

Jason Chaffer

Richard Fenning

David Mahoney

Zoe Mayson

Rebecca McNeil

Paul Steggall

James Stroyan

Catherine Turner
 

Registered office

8 Buckingham Place
London
SW1E 6HX

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Manchester Square Partners LLP

(Registration number: OC313806)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

334,425

390,603

Current assets

 

Debtors

5

1,114,887

1,270,682

Cash and short-term deposits

 

1,949,764

2,141,662

 

3,064,651

3,412,344

Creditors: Amounts falling due within one year

6

(875,838)

(1,045,865)

Net current assets

 

2,188,813

2,366,479

Net assets attributable to members

 

2,523,238

2,757,082

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

120,000

105,000

Other amounts

8

2,403,238

2,652,082

 

2,523,238

2,757,082

   

2,523,238

2,757,082

Total members' interests

 

Loans and other debts due to members

 

2,523,238

2,757,082

   

2,523,238

2,757,082

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 in accordance with the special provisions relating to limited liability partnerships subject to the small limited liability partnerships regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, 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.

These financial statements have been delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The financial statements of Manchester Square Partners LLP (registered number OC313806) were approved by the members and authorised for issue on 17 July 2024. They were signed on behalf of the limited liability partnership by:


Caroline Bell
Designated member

 

Manchester Square Partners LLP

(Registration number: OC313806)
Balance Sheet as at 31 March 2024


Jason Chaffer
Designated member


Richard Fenning
Designated member


David Mahoney
Designated member


Zoe Mayson
Designated member


Rebecca McNeil
Designated member


Paul Steggall
Designated member


James Stroyan
Designated member


Catherine Turner
Designated member

 

Manchester Square Partners LLP

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

1

General information

The place of registration of the limited liability partnership is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office and its principal place of business is:
8 Buckingham Place
London
SW1E 6HX

2

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.

Basis of preparation

The limited liability partnership is incorporated in the United Kingdom 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.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued December 2021).

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the limited liability partnership operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the limited liability partnership's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Revenue recognition

Fee income is based on the fair value of the services provided on each client assignment on its commencement as at the reporting date. Revenue represents amounts receivable from clients for professional services provided during the year, excluding value added tax. Revenue is respect of contingent fee assignments (over and above any agreed minimum fee) is only recognised when the contingent event occurs.

Members' remuneration and division of profits

The limited liability partnership agreement provides that fixed amounts, determined for each member each year, be paid to members, as an advance on their share of the profits of the limited liability partnership. A member's share of the profit or loss 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 limited liability partnership's profits is the personal liability of the members. Consequently, neither limited liability 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.

 

Manchester Square Partners LLP

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

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:

Asset class

Depreciation method and rate

Short leasehold land and buildings

10 years straight line, over lease term

Plant and machinery

20-33% reducing balance

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 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for 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.

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.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the limited liability partnership is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Manchester Square Partners LLP

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

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year was 15 (2023 - 14).

 

Manchester Square Partners LLP

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

4

Tangible fixed assets

Short leasehold land and buildings
£

Plant and machinery
 £

Total
£

Cost

At 1 April 2023

434,810

383,623

818,433

Additions

-

12,261

12,261

At 31 March 2024

434,810

395,884

830,694

Depreciation

At 1 April 2023

159,877

267,953

427,830

Charge for the year

43,394

25,045

68,439

At 31 March 2024

203,271

292,998

496,269

Net book value

At 31 March 2024

231,539

102,886

334,425

At 31 March 2023

274,933

115,670

390,603

5

Debtors

2024
 £

2023
 £

Trade debtors

1,074,506

1,247,461

Prepayments and accrued income

40,381

23,221

1,114,887

1,270,682

6

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Trade creditors

254,784

259,107

Amounts due to former members

-

256,045

Other taxes and social security

355,762

346,829

Other creditors

3,259

-

Accruals and deferred income

262,033

183,884

875,838

1,045,865

 

Manchester Square Partners LLP

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

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

-

280,000

Later than one year and not later than five years

1,092,799

1,120,000

Later than five years

-

217,637

1,092,799

1,617,637

8

Analysis of other amounts

2024
 £

2023
 £

Money advanced to the LLP by the members by way of loan

520,000

455,000

Money owed to members by the LLP in respect of profits

1,883,238

2,197,082

2,403,238

2,652,082

In the absence of agreement to the contrary, other amounts due to members rank alongside other unsecured creditors. There are no restrictions on the members' ability to reduce the amount of members' other interests.