0 false false false false false false false false false false false false false false false true false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC318103 2023-04-01 2024-03-31 OC318103 2024-03-31 OC318103 2023-03-31 OC318103 2022-04-01 2023-03-31 OC318103 2023-03-31 OC318103 2022-03-31 OC318103 core:MotorVehicles 2023-04-01 2024-03-31 OC318103 core:MotorVehicles 2023-03-31 OC318103 core:LandBuildings 2024-03-31 OC318103 core:MotorVehicles 2024-03-31 OC318103 core:WithinOneYear 2024-03-31 OC318103 core:WithinOneYear 2023-03-31 OC318103 core:LandBuildings 2023-03-31 OC318103 core:MotorVehicles 2023-03-31 OC318103 bus:Director1 2023-04-01 2024-03-31 OC318103 bus:Director2 2023-04-01 2024-03-31 OC318103 bus:SmallEntities 2023-04-01 2024-03-31 OC318103 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC318103 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC318103 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC318103 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC318103
M & J Harding LLP
Filleted Unaudited Financial Statements
for the year ended
31 March 2024
M & J Harding LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
4
1,680,530
1,680,707
Current Assets
Debtors
5
43,656
28,152
Cash at bank and in hand
38,535
21,603
---------
---------
82,191
49,755
Creditors: amounts falling due within one year
6
1,595,424
1,563,165
-------------
-------------
Net Current Liabilities
1,513,233
1,513,410
-------------
-------------
Total Assets Less Current Liabilities
167,297
167,297
----------
----------
Net Assets
167,297
167,297
----------
----------
Represented by:
Loans and Other Debts due to Members
Other amounts
Members' Other Interests
Revaluation reserve
167,297
167,297
Other reserves
----------
----------
167,297
167,297
----------
----------
Total Members' Interests
Amounts due from members
(42,615)
(24,976)
Loans and other debts due to members
Members' other interests
167,297
167,297
----------
----------
124,682
142,321
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
M & J Harding LLP
Statement of Financial Position (continued)
31 March 2024
For the year ending 31st March 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 27 November 2024 , and are signed on their behalf by:
M Harding J Harding
Designated member Designated member
Registered number: OC318103
M & J Harding LLP
Notes to the Financial Statements
year ended 31st March 2024
1.
General Information
The LLP is registered in England and Wales. The address of the registered office is 111 Crouch Street, Colchester, Essex, CO3 3HA.
2.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable from rented properties.
Members' Participation Rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4.
Tangible Assets
Investment properties
Motor vehicles
Total
£
£
£
Valuation/cost
At 1st April 2023 and 31st March 2024
1,680,000
22,288
1,702,288
-------------
---------
-------------
Depreciation
At 1st April 2023
21,581
21,581
Charge for the year
177
177
-------------
---------
-------------
At 31st March 2024
21,758
21,758
-------------
---------
-------------
Carrying amount
At 31st March 2024
1,680,000
530
1,680,530
-------------
---------
-------------
At 31st March 2023
1,680,000
707
1,680,707
-------------
---------
-------------
5.
Debtors
2024
2023
£
£
Other debtors
43,656
28,152
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,038,749
1,043,803
Trade creditors
3,273
Other creditors
556,675
516,089
-------------
-------------
1,595,424
1,563,165
-------------
-------------