Registration number:
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 |
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Balance Sheet |
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Notes to the Financial Statements |
Manchester Square Partners LLP
Limited Liability Partnership Information
Designated members |
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Registered office |
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Accountants |
Hazlewoods LLP |
Manchester Square Partners LLP
(Registration number: OC313806)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
120,000 |
105,000 |
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Other amounts |
2,403,238 |
2,652,082 |
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2,523,238 |
2,757,082 |
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2,523,238 |
2,757,082 |
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Total members' interests |
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Loans and other debts due to members |
2,523,238 |
2,757,082 |
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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
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
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
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership (including members) during the year was
Manchester Square Partners LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Short leasehold land and buildings |
Plant and machinery |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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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 March 2023 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments and accrued income |
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1,114,887 |
1,270,682 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Amounts due to former members |
- |
256,045 |
Other taxes and social security |
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Other creditors |
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- |
Accruals and deferred income |
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875,838 |
1,045,865 |
Manchester Square Partners LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
- |
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Later than one year and not later than five years |
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Later than five years |
- |
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Analysis of other amounts |
2024 |
2023 |
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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.