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For the period ended 31 March 2024
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Registered number: OC331806
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CM Murray LLP - Registered number:OC331806
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Statement of financial position
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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CM Murray LLP - Registered number:OC331806
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Statement of financial position (continued)
As at 31 March 2024
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Loans and other debts due to members
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
................................................
C Murray
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The notes on pages 3 to 9 form part of these financial statements.
Page 2
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Notes to the financial statements
For the period ended 31 March 2024
CM Murray LLP is a limited liability partnership incorporated in England and Wales. Its LLP registration number is OC331806. The registered office and principal place of business of the LLP is 36-38 Cornhill, First Floor, London, EC3V 3NG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', ('FRS 102') and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the LLP in respect of services supplied during the year, exclusive of Value Added Tax.
Turnover in respect of professional services is recognised by reference to the fair value of the services provided at the balance sheet date as a proportion of the total value of engagement. Unbilled turnover is included within debtors as accrued income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 3
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Notes to the financial statements
For the period ended 31 March 2024
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentational currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate.
Profits attributable to members are determined, allocated and divided between members after the year and
until that time are included within members' other interests. Any drawings paid in respect of those profits are
included within debtors.
Provided that there are sufficient profits, the LLP agreement provides that fixed amounts, determined for
some members each year, be paid to members irrespective of the overall profits of the LLP, which are subject to abatement if the profits are insufficient to cover them.
Members' profit shares are included as an expense in the profit and loss account after arriving at "profit for
the financial year before members' remuneration and profit shares.
The terms of the members' agreement requires that the capital be returned to a member on his or her
retirement. It is accordingly accounted for as liabilities in the LLP.
Page 4
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Notes to the financial statements
For the period ended 31 March 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that
probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the
amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the LLP becomes aware of the
obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle
the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial
position.
Taxation of all the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.
Page 5
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Notes to the financial statements
For the period ended 31 March 2024
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The average monthly number of employees, including directors, during the period was 20 (2023 - 21).
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Charge for the period on owned assets
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Investments in subsidiary company
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Page 6
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Notes to the financial statements
For the period ended 31 March 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts recoverable on contracts
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Creditors: Amounts falling due within one year
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Other taxation and social security
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The bank loan is secured by a debenture granted by CM Murray LLP.
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Page 7
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Notes to the financial statements
For the period ended 31 March 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Page 8
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Notes to the financial statements
For the period ended 31 March 2024
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Loans and other debts due to members
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The charge for the year was £37,196 (2023: £20,301) and at 31 March 2024, there were unpaid contributions payable to the fund totaling £nil (2023: £5,014).
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Commitments under operating leases
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At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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In the opinion of the members, C M Murray is the controlling party.
Page 9
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