Limited Liability Partnership registration number OC439766 (England and Wales)
MILLEMONT GP2 LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MILLEMONT GP2 LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MILLEMONT GP2 LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
187,225
183,002
Cash at bank and in hand
1,812
-
189,037
183,002
Creditors: amounts falling due within one year
5
(186,348)
(185,866)
Net current assets/(liabilities) attributable to members'
2,689
(2,864)
Creditors: amounts falling due after more than one year
6
(5,606)
-
Net liabilities attributable to members
(2,917)
(2,864)
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
(2,917)
(2,864)

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 8 November 2024 and are signed on their behalf by:
08 November 2024
Millemont GP Member 1 Limited
Millemont GP Member 2 Limited
Designated member
Designated Member
Limited Liability Partnership registration number OC439766 (England and Wales)
MILLEMONT GP2 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Millemont GP2 LLP is a limited liability partnership incorporated in England and Wales. The registered office is 111 Park Street, London, United Kingdom, W1K 7JL.

1.1
Reporting period

The previous financial statements were drawn up from the company's incorporation of 1 November 2021 to the desired year end of 31 March 2023, and thus represented a period greater than 12 months. The current period financial statements cover the period from 1 April 2023 to 31 March 2024. As a consequence, the comparative amounts presented in the financial statements (including related notes) are not entirely comparable.

1.2
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.

1.3
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

The LLP's principal activity is that of acting as a General Partner.

 

Turnover is that of priority profit share allocation from the Millemont 2 Limited Partnership received in the accounting period. The members, after reviewing the substance over form of these transactions, have shown this as income in the period to which it relates.

1.5
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.

MILLEMONT GP2 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

MILLEMONT GP2 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Members' remuneration
2024
2023
Number
Number
Average number of members during the year
2
2
2024
2023
Members' remuneration comprises:
£
£
Remuneration under participation rights
(53)
(2,864)
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,165
25
Prepayments and accrued income
183,060
182,977
187,225
183,002
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank overdrafts
-
120
Trade creditors
246
-
Other taxation and social security
542
369
Accruals and deferred income
185,560
185,377
186,348
185,866
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,606
-

 

MILLEMONT GP2 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Reconciliation of Members' Interests
DEBT**
TOTAL
MEMBERS'
INTERESTS
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 April 2023
(2,864)
(2,864)
(2,864)
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
(53)
(53)
(53)
Profit for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
(2,917)
(2,917)
(2,917)
Members' interests at 31 March 2024
(2,917)
(2,917)
(2,917)
** Loans and other debts due to members less any amounts due from members in debtors
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

9
Related party transactions

During the period, the entity received general partner profit share, disbursements and made recharges to an entity in which it is a member for £503,695 (2023: £613,818).

 

During the period, the entity received invoices from an entity under common control for £500,177 (2023: £613,887).

 

At the period end date £5,606 (2023: £nil) was owed to entities under common control, held within other creditors due after one year.

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