Silverfin false 29/02/2024 01/03/2023 29/02/2024 Aspelin Pd Limited 23/02/2016 Lodding Pdl Ltd 23/02/2016 Alex Lodding on behalf of Lodding PDL Limited 26 November 2024 OC404486 2024-02-29 OC404486 bus:Director1 2024-02-29 OC404486 bus:Director2 2024-02-29 OC404486 2023-02-28 OC404486 core:CurrentFinancialInstruments 2024-02-29 OC404486 core:CurrentFinancialInstruments 2023-02-28 OC404486 2023-03-01 2024-02-29 OC404486 bus:FullAccounts 2023-03-01 2024-02-29 OC404486 bus:SmallEntities 2023-03-01 2024-02-29 OC404486 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 OC404486 bus:LimitedLiabilityPartnershipLLP 2023-03-01 2024-02-29 OC404486 bus:Director1 2023-03-01 2024-02-29 OC404486 bus:Director2 2023-03-01 2024-02-29 OC404486 bus:Director3 2023-03-01 2024-02-29 OC404486 2022-03-01 2023-02-28 OC404486 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: OC404486 (England and Wales)

MARSHALL HURLEY MITCHAM AND PARTNERS LLP

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MARSHALL HURLEY MITCHAM AND PARTNERS LLP

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MARSHALL HURLEY MITCHAM AND PARTNERS LLP

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
MARSHALL HURLEY MITCHAM AND PARTNERS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Current assets
Stocks 1 6,698,739
Debtors 3 2,886,712 5,283
Cash at bank and in hand 1,368 5,449
2,888,081 6,709,471
Creditors: amounts falling due within one year 4 ( 3,000) ( 3,694,363)
Net current assets 2,885,081 3,015,108
Total assets less current liabilities 2,885,081 3,015,108
Net assets attributable to members 2,885,081 3,015,108
Represented by
Members' other interests
Members' capital classified as equity 2,885,081 3,015,108
2,885,081 3,015,108
2,885,081 3,015,108
Total members' interests
Members' other interests 2,885,081 3,015,108
2,885,081 3,015,108

For the financial year ending 29 February 2024 the LLP 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.

Members' responsibilities:

The financial statements of Marshall Hurley Mitcham and Partners LLP (registered number: OC404486) were approved and authorised for issue by the Board of Directors on 26 November 2024. They were signed on its behalf by:

Alex Lodding on behalf of Lodding PDL Limited
Designated member
MARSHALL HURLEY MITCHAM AND PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 29 February 2024
MARSHALL HURLEY MITCHAM AND PARTNERS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 29 February 2024
EQUITY
Members' other interests
Total members' interests
Members' capital (classified as equity) Total
£ £
Balance at 01 March 2022 3,008,196 3,008,196
Members' interest after result for the financial year 3,008,196 3,008,196
Introduced by members 23,800 23,800
Other division of losses (16,888) (16,888)
Balance at 28 February 2023 3,015,108 3,015,108
Members' interest after result for the financial year 3,015,108 3,015,108
Introduced by members 98,971 98,971
Other division of losses (228,998) (228,998)
Balance at 29 February 2024 2,885,081 2,885,081

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

MARSHALL HURLEY MITCHAM AND PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MARSHALL HURLEY MITCHAM AND PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Marshall Hurley Mitcham and Partners LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 2 2

3. Debtors

2024 2023
£ £
Prepayments 150 0
VAT recoverable 4,490 399
Other debtors 2,882,072 4,884
2,886,712 5,283

Amounts owed from other debtors are repayable on demand and do not bear interest.

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 4,975
Accruals 3,000 1,500
Other creditors 0 3,687,888
3,000 3,694,363

The other creditors of £Nil (2023: £3,687,888) is a loan with Featherstone Homes (Southeast) Limited secured against the property 360-364 London Road, Mitcham CR4 3ND.