IRIS Accounts Production v24.3.0.553 OC340995 designated member designated member 1.4.23 31.3.24 31.3.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC3409952023-03-31OC3409952024-03-31OC3409952023-04-012024-03-31OC3409952022-03-31OC3409952022-04-012023-03-31OC3409952023-03-31OC340995ns15:EnglandWales2023-04-012024-03-31OC340995ns14:PoundSterling2023-04-012024-03-31OC340995ns10:PartnerLLP12023-04-012024-03-31OC340995ns10:PartnerLLP22023-04-012024-03-31OC340995ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC340995ns10:SmallEntities2023-04-012024-03-31OC340995ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31OC340995ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC340995ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31OC340995ns10:FullAccounts2023-04-012024-03-31OC340995ns10:PartnerLLP32023-04-012024-03-31OC340995ns10:RegisteredOffice2023-04-012024-03-31OC340995ns5:CurrentFinancialInstruments2024-03-31OC340995ns5:CurrentFinancialInstruments2023-03-31OC340995ns5:RevaluationReserve2024-03-31OC340995ns5:RevaluationReserve2023-03-31OC340995ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31OC340995ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: OC340995 (England and Wales)















Unaudited Financial Statements

for the Year Ended

31 March 2024

for

The Magnificent Seven LLP

The Magnificent Seven LLP (Registered number: OC340995)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 6


The Magnificent Seven LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: R A H Kenlock
G F Chapman
C F J Jackson





REGISTERED OFFICE: Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP





REGISTERED NUMBER: OC340995 (England and Wales)





ACCOUNTANTS: The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
The Magnificent Seven LLP


The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs 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 The Magnificent Seven LLP for the year ended 31 March 2024 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of The Magnificent Seven LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Magnificent Seven LLP and state those matters that we have agreed to state to the members of The Magnificent Seven LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Magnificent Seven LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that The Magnificent Seven 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 The Magnificent Seven LLP. You consider that The Magnificent Seven LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Magnificent Seven 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.






The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP


11 November 2024

The Magnificent Seven LLP (Registered number: OC340995)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,158,500 1,418,624

CURRENT ASSETS
Stocks 852,910 -
Debtors 5 11,187 24,733
Cash at bank 70,960 239,128
935,057 263,861
CREDITORS
Amounts falling due within one year 6 11,113 11,563
NET CURRENT ASSETS 923,944 252,298
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,082,444

1,670,922

The Magnificent Seven LLP (Registered number: OC340995)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

714,021

845,363

MEMBERS' OTHER INTERESTS
Capital accounts 825,559 825,559
Revaluation reserve 9 542,864 -
2,082,444 1,670,922

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 714,021 845,363
Members' other interests 1,368,423 825,559
2,082,444 1,670,922

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The Magnificent Seven LLP (Registered number: OC340995)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 11 November 2024 and were signed by:




R A H Kenlock - Designated member




G F Chapman - Designated member


The Magnificent Seven LLP (Registered number: OC340995)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

The Magnificent Seven LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Fixed asset investments
The fixed asset investment held on the balance sheet includes land at cost less a provision for permanent diminution in value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
As members are personally liable for taxation on their share of the profits of the LLP, there is no corporation or deferred tax charges.

Current asset investments
Current asset Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/(losses)' in investments.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,418,624
Disposals (802,988 )
Revaluations 542,864
At 31 March 2024 1,158,500
NET BOOK VALUE
At 31 March 2024 1,158,500
At 31 March 2023 1,418,624

The Magnificent Seven LLP (Registered number: OC340995)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 542,864
Cost 615,636
1,158,500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 9,234 11,398
Other debtors 500 11,946
Prepayments and accrued income 1,453 1,389
11,187 24,733

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 4,032 4,032
Other creditors 7,081 7,531
11,113 11,563

7. SECURED DEBTS

In 2012 Wilson Bowden Developments Limited registered a legal charge over freehold property known as Glebe Farm and Brickyard Farm included within investments.

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

9. RESERVES
Revaluation
reserve
£   
Revaluation 542,864
At 31 March 2024 542,864