Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activity2023-04-01false00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC304340 2023-04-01 2024-03-31 OC304340 2022-05-01 2023-03-31 OC304340 2024-03-31 OC304340 2023-03-31 OC304340 c:MotorVehicles 2023-04-01 2024-03-31 OC304340 c:MotorVehicles 2024-03-31 OC304340 c:MotorVehicles 2023-03-31 OC304340 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304340 c:FurnitureFittings 2023-04-01 2024-03-31 OC304340 c:FurnitureFittings 2024-03-31 OC304340 c:FurnitureFittings 2023-03-31 OC304340 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304340 c:OfficeEquipment 2023-04-01 2024-03-31 OC304340 c:OfficeEquipment 2024-03-31 OC304340 c:OfficeEquipment 2023-03-31 OC304340 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304340 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304340 c:CurrentFinancialInstruments 2024-03-31 OC304340 c:CurrentFinancialInstruments 2023-03-31 OC304340 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC304340 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC304340 d:FRS102 2023-04-01 2024-03-31 OC304340 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC304340 d:FullAccounts 2023-04-01 2024-03-31 OC304340 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC304340 2 2023-04-01 2024-03-31 OC304340 d:PartnerLLP1 2023-04-01 2024-03-31 OC304340 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC304340 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC304340 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC304340 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC304340 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC304340 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC304340 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC304340










MAB PARTNERS LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MAB PARTNERS LLP
 
 
  
REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAB PARTNERS LLP
FOR THE YEAR ENDED 31 MARCH 2024

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 MAB Partners LLP for the year ended 31 March 2024 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 Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

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 MAB Partners LLP and state those matters that we have agreed to state to the MAB Partners LLP's members in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MAB Partners LLP and its members for our work or for this report. 

It is your duty to ensure that MAB Partners 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 loss of MAB Partners LLP. You consider that MAB Partners 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 MAB Partners 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.

  



Alder Demain & Akers Ltd
 
Accountants
  
2 Michaels Court
Hanney Road
Southmoor
Oxford
OX13 5HR
9 July 2024
Page 1

 
MAB PARTNERS LLP
REGISTERED NUMBER: OC304340

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,911
49,085

Investments
 5 
69,550
69,550

  
106,461
118,635

Current assets
  

Debtors: amounts falling due within one year
 6 
142
50,256

Cash at bank and in hand
 7 
12,746
551,634

  
12,888
601,890

Creditors: Amounts Falling Due Within One Year
 8 
(2,218)
(10,931)

Net current assets
  
 
 
10,670
 
 
590,959

Total assets less current liabilities
  
117,131
709,594

  

Net assets
  
117,131
709,594


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
(1,678,338)
(1,115,558)

  
(1,678,338)
(1,115,558)

Members' other interests
  

Members' capital classified as equity
  
60,500
60,500

Other reserves classified as equity
  
1,734,969
1,764,652

  
 
1,795,469
 
1,825,152

  
117,131
709,594


Total members' interests
  

Loans and other debts due to members
  
(1,678,338)
(1,115,558)

Members' other interests
  
1,795,469
1,825,471

  
117,131
709,913


Page 2

 
MAB PARTNERS LLP
REGISTERED NUMBER: OC304340
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 9 July 2024.




................................................
Marzouk Al-bader
Designated member

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

MAB Partners LLP has no equity and, 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

 
MAB PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

MAB Partners LLP is a limited liability partnership, incorporated in England and Wales, registration number OC304340.
Its registered office is:
Watershedd, 625 The Shepherds Building, Charecroft Way, London, England, W14 0EE

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

Interest income

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

 
2.3

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.4

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.

Page 4

 
MAB PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

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.

 
2.5

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.

 
2.6

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.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Page 5

 
MAB PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

2024
£

Wages and salaries
3,950

3,950


The entity has no employees.

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 6

 
MAB PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
60,870
2,874
5,098
68,842



At 31 March 2024

60,870
2,874
5,098
68,842



Depreciation


At 1 April 2023
12,174
2,874
4,709
19,757


Charge for the year on owned assets
12,174
-
-
12,174



At 31 March 2024

24,348
2,874
4,709
31,931



Net book value



At 31 March 2024
36,522
-
389
36,911



At 31 March 2023
48,696
-
389
49,085


5.


Fixed asset investments





Trade investments

£





At 1 April 2023
69,550





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
-
50,000

Other debtors
142
256

142
50,256


Page 7

 
MAB PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
12,746
551,634

12,746
551,634



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,218
10,931

2,218
10,931



9.


Related party transactions

At the financial year end date, there is £3,392,344 (2023 - £3,394,844) owing to MAB Management Limited (Company Number 06016203). 
The company is registered at Watershedd, 625 The Shepherds Building, Charecroft Way, London, England, W14 0EE and is a corporate partner of the LLP. 
The loan has been extended as an interest free loan and is not expected to be repaid within the next 12 months.
At the financial year end date, the Managing Partner of MAB Partners LLP owed £3,797,803 (2023 - £3,287,523). 
The loan has ben extended as an interest free loan and is being repaid over a period longer than 12 months.
At the financial year end date, there is £50,000 (2023 - £50,000) owing to Watershed Developments Limited (Company Number 10711661). 
The company is registered at 625 The Shepherds Building, Charecroft Way, London, England, W14 0EE and is a corporate partner of the LLP. 
The loan has been extended as an interest free loan and is not expected to be repaid within the next 12 months.


10.


Controlling party

Mr Mazouk Al-Bader, is the ultimate controlling party by virtue of his direct and indirect interest  of the LLP.

 
Page 8