Limited Liability Partnership registration number OC339711 (England and Wales)
MULLIS & PEAKE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MULLIS & PEAKE LLP
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 12
MULLIS & PEAKE LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MULLIS & PEAKE LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
223,438
119,044
Investments
5
5,260
5,260
228,698
124,304
Current assets
Work in progress
6
1,712,843
1,574,966
Debtors
7
1,033,775
715,320
Cash at bank and in hand
672,268
974,213
3,418,886
3,264,499
Creditors: amounts falling due within one year
Loans and overdrafts
8
235,211
233,535
Other creditors
247,936
232,224
Taxation and social security
179,664
222,731
Obligations under finance leases
11
19,768
33,525
682,579
722,015
Net current assets
2,736,307
2,542,484
Total assets less current liabilities
2,965,005
2,666,788
Creditors: amounts falling due after more than one year
Loans and overdrafts
8
37,037
148,184
Obligations under finance leases
11
56,745
1,010
(93,782)
(149,194)
Net assets attributable to members
2,871,223
2,517,594
MULLIS & PEAKE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
- 3 -
Represented by:
Loans and other debts due to members within one year
13
Other amounts
2,187,122
1,952,529
2,187,122
1,952,529
Members' other interests
13
Members' capital classified as equity
424,501
424,501
Other reserves classified as equity
259,600
140,564
2,871,223
2,517,594

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 17 October 2024 and are signed on their behalf by:
17 October 2024
M J W Trenerry
D Madams
Designated member
Designated Member
Limited Liability Partnership Registration No. OC339711
MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Mullis & Peake LLP is a limited liability partnership incorporated in England and Wales. The registered office is 8-10 Eastern Road, Romford, Essex, RM1 3PJ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The rules regarding contingent work in progress have been considered and the members believe that no adjustment is required in respect of the year ended 31 March 2024
1.2
Turnover

Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding Value Added Tax. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold Improvements
15% straight line
Computer Equipment
20% straight line
Office Equipment
15% / 20% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Fixed asset investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Work in progress

Work in progress is stated at the lower of cost and recoverable amount. Work in progress is determined either by reference to work completed on a time recording basis, or by reference to estimate of time spent and stage of completion of the relevant matter.

 

As required under FRS102, contingent WIP is assessed and included as required based on the likelihood of success.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

The partnership operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the partnership in an independently administered fund. Contributions payable for the year are charged to the profit and loss account.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

 

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.13

Taxation

The taxation payable on the partnership profits is the personal liability of the members, therefore neither partnership taxation nor related deferred taxation are accounted for in the financial statements.

MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.14

Members' remuneration

A members' share in the profit or loss for the accounting period is accounted for as an allocation of profit or loss. Unallocated profits or losses are included within other reserves.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
66
63
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
338,213
976,160
1,314,373
Additions
17,585
153,894
171,479
Disposals
-
(502,210)
(502,210)
At 31 March 2024
355,798
627,844
983,642
Depreciation and impairment
At 1 April 2023
311,357
883,972
1,195,329
Depreciation charged in the year
8,605
45,700
54,305
Eliminated in respect of disposals
-
(489,430)
(489,430)
At 31 March 2024
319,962
440,242
760,204
Carrying amount
At 31 March 2024
35,836
187,602
223,438
At 31 March 2023
26,856
92,188
119,044
MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 8 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £16,222 (2023 - £35,096) for the year.

2024
2023
£
£
Motor vehicles
113,883
27,237
113,883
27,237
5
Fixed asset investments
2024
2023
£
£
Investments
5,260
5,260
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2023 & 31 March 2024
5,260
Carrying amount
At 31 March 2024
5,260
At 31 March 2023
5,260
6
Work in progress
2024
2023
£
£
Work in progress
1,712,843
1,574,966
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
532,464
443,883
Other debtors
501,311
271,437
1,033,775
715,320
MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
272,248
381,719
Payable within one year
235,211
233,535
Payable after one year
37,037
148,184

The bank overdraft facility is secured by way of a debenture dated 12 July 2012 over the assets of the LLP.

 

Net obligations under hire purchase contracts are secured over the assets to which they relate.

 

9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
235,211
233,535
Trade creditors
22,336
11,419
Taxation and social security
179,664
222,731
Other creditors
245,368
254,330
682,579
722,015

The bank overdraft facility is secured by way of a debenture dated 12 July 2012 over the assets of the LLP.

 

Net obligations under hire purchase contracts are secured over the assets to which they relate.

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
37,037
148,184
Other creditors
56,745
1,010
93,782
149,194

The bank overdraft facility is secured by way of a debenture dated 12 July 2012 over the assets of the LLP.

 

Net obligations under hire purchase contracts are secured over the assets to which they relate.

MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
11
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
33,525
Within two and five years
-
1,010
-
34,535

Finance lease payments represent rentals payable by the limited liability partnership for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,379
67,584

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
13
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amounts due to members
1,952,529
Members' interests at 1 April 2023
424,501
140,565
565,066
1,952,529
-
2,517,595
Profit for the year available for discretionary division among members
-
1,599,559
1,599,559
-
-
1,599,559
Members' interests after profit for the year
424,501
1,740,124
2,164,625
1,952,529
-
4,117,154
Allocation of profit for the financial year
-
(1,599,559)
(1,599,559)
1,599,559
-
-
Drawings
-
-
-
(923,307)
-
(923,307)
Other movements
-
119,034
119,034
(441,659)
-
(322,625)
Members' interests at 31 March 2024
424,501
259,599
684,100
2,187,122
-
2,871,222
Amounts due to members
2,187,122
2,187,122
MULLIS & PEAKE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
14
Loans and other debts due to members

In the event of a winding up of the LLP all monies due to unsecured creditors will be paid before the amounts included in "Loans and other debts due to members". Other reserves relates solely to income tax provisions.

15
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
252,334
260,730
Between two and five years
876,412
179,659
In over five years
928,875
65,000
2,057,621
505,389
16
Control

The LLP is controlled by its members as delegated to the management team, and as such there is no one controlling party.

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