Caseware UK (AP4) 2023.0.135 2023.0.135 2022-10-01falseConsultancy services96falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC413701 2022-10-01 2023-09-30 OC413701 2021-10-01 2022-09-30 OC413701 2023-09-30 OC413701 2022-09-30 OC413701 c:Buildings c:LongLeaseholdAssets 2022-10-01 2023-09-30 OC413701 c:Buildings c:LongLeaseholdAssets 2023-09-30 OC413701 c:Buildings c:LongLeaseholdAssets 2022-09-30 OC413701 c:OfficeEquipment 2022-10-01 2023-09-30 OC413701 c:OfficeEquipment 2023-09-30 OC413701 c:OfficeEquipment 2022-09-30 OC413701 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 OC413701 c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 OC413701 c:CurrentFinancialInstruments 2023-09-30 OC413701 c:CurrentFinancialInstruments 2022-09-30 OC413701 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 OC413701 c:CurrentFinancialInstruments c:WithinOneYear 2022-09-30 OC413701 d:FRS102 2022-10-01 2023-09-30 OC413701 d:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 OC413701 d:FullAccounts 2022-10-01 2023-09-30 OC413701 d:LimitedLiabilityPartnershipLLP 2022-10-01 2023-09-30 OC413701 2 2022-10-01 2023-09-30 OC413701 d:PartnerLLP1 2022-10-01 2023-09-30 OC413701 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-09-30 OC413701 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-09-30 OC413701 c:FurtherSpecificReserve3ComponentTotalEquity 2023-09-30 OC413701 c:FurtherSpecificReserve3ComponentTotalEquity 2022-09-30 OC413701 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: OC413701










M1 Agency LLP








Unaudited

Financial statements

For the year ended 30 September 2023

 
M1 Agency LLP
 
  
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of M1 Agency LLP for the year ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of M1 Agency LLP for the year ended 30 September 2023 which comprise  the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of M1 Agency LLP and state those matters that we have agreed to state to the M1 Agency LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M1 Agency LLP and its members for our work or for this report. 

It is your duty to ensure that M1 Agency LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M1 Agency LLP. You consider that M1 Agency LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of M1 Agency LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
31 October 2024
Page 1

 
M1 Agency LLP
Registered number: OC413701

Balance sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
78,277
110,429

  
78,277
110,429

Current assets
  

Debtors: amounts falling due within one year
 5 
2,664,123
4,353,320

Cash at bank and in hand
 6 
2,350,401
5,546,676

  
5,014,524
9,899,996

Creditors: Amounts Falling Due Within One Year
 7 
(700,009)
(1,528,635)

Net current assets
  
 
 
4,314,515
 
 
8,371,361

Total assets less current liabilities
  
4,392,792
8,481,790

  

Net assets
  
4,392,792
8,481,790


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
4,392,692
8,481,690

  
4,392,692
8,481,690

Members' other interests
  

Members' capital classified as equity
  
100
100

  
 
100
 
100

  
4,392,792
8,481,790


Total members' interests
  

Loans and other debts due to members
 8 
4,392,692
8,481,690

Members' other interests
  
100
100

  
4,392,792
8,481,790

Page 2

 
M1 Agency LLP
Registered number: OC413701

Balance sheet (continued)
As at 30 September 2023

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 on 31 October 2024.




................................................
R Moffitt
Designated member

The notes on pages 4 to 8 form part of these financial statements.

M1 Agency LLP, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.
Page 3

 
M1 Agency LLP
 

 
Notes to the financial statements
For the year ended 30 September 2023

1.


General information

The LLP is a limited liability partnership, incorporated and domiciled in England & Wales. The registered office is Bond House, 19 Woodstock Street, London, W1C 2AN and the principal activity continued to be  that of property consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

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:

Long-term leasehold property
-
over the term of the lease
Office & computer equipment
-
33%
straight line

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 4

 
M1 Agency LLP
 

 
Notes to the financial statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short term creditors are measured at the transaction price.

 
2.7

Foreign currency translation

Functional and presentation 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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.8

Pensions

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 Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 5

 
M1 Agency LLP
 

 
Notes to the financial statements
For the year ended 30 September 2023

2.Accounting policies (continued)

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 6).


4.


Tangible fixed assets





Long-term leasehold property
Office & computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2022
99,276
134,683
233,959


Additions
-
13,223
13,223



At 30 September 2023

99,276
147,906
247,182



Depreciation


At 1 October 2022
55,472
68,058
123,530


Charge for the year on owned assets
11,576
33,799
45,375



At 30 September 2023

67,048
101,857
168,905



Net book value



At 30 September 2023
32,228
46,049
78,277



At 30 September 2022
43,804
66,625
110,429


5.


Debtors

2023
2022
£
£


Trade debtors
2,070,853
4,234,052

Amounts owed by joint ventures and associated undertakings
425,592
-

Other debtors
100,898
56,340

Prepayments and accrued income
66,780
62,928

2,664,123
4,353,320


Page 6

 
M1 Agency LLP
 

 
Notes to the financial statements
For the year ended 30 September 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,350,401
5,546,676

2,350,401
5,546,676



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
319,422
158,033

Amounts owed to related undertaking
-
115,365

Other taxation and social security
340,661
785,310

Other creditors
23,926
33,927

Accruals and deferred income
16,000
436,000

700,009
1,528,635



8.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
4,392,692
8,481,690

4,392,692
8,481,690

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
4,392,692
8,481,690

4,392,692
8,481,690

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


9.


Pension commitments

The LLP operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the LLP in a independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £41,340 (2022: £28,666). As at 30 September 2023, the LLP had remaining pensions payable of £4,894 (2022: £3,914).

Page 7

 
M1 Agency LLP
 

 
Notes to the financial statements
For the year ended 30 September 2023

10.


Related party transactions

During the year, the LLP made payments of £482,698 (2022: £440,908) on behalf of M1 Agency (Nottingham) LLP, of which it is a designated member. The LLP also received £4,050 (2022: £662,911) on behalf of M1 Agency (Nottingham) LLP and has allocated profits of £62,310 (2022: £200,810). The amount due from M1 Agency (Nottingham) LLP at 30 September 2023 was £425,592 (2022: amount due to M1 Agency (Nottingham) was £115,365) and is included in Creditors.


11.


Controlling party

The LLP is under the control of its designated members.


Page 8