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REGISTERED NUMBER: OC310630
Medical Ventures Partnership LLP
Unaudited Abridged Financial Statements
29 February 2024
Medical Ventures Partnership LLP
Abridged Financial Statements
Year ended 29 February 2024
Contents
Page
Abridged statement of comprehensive income
1
Abridged statement of financial position
2
Reconciliation of members' interests
4
Notes to the abridged financial statements
6
Medical Ventures Partnership LLP
Abridged Statement of Comprehensive Income
Year ended 29 February 2024
2024
2023
Note
£
£
Gross profit
806,422
712,004
Distribution costs
62,850
98,850
Administrative expenses
320,510
265,191
---------
---------
Operating profit
4
423,062
347,963
---------
---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
423,062
347,963
---------
---------
All the activities of the LLP are from continuing operations.
Medical Ventures Partnership LLP
Abridged Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
351,673
434,098
Current assets
Debtors
2,670,686
3,067,507
Cash at bank and in hand
188,108
84,589
------------
------------
2,858,794
3,152,096
Creditors: amounts falling due within one year
577,166
638,231
------------
------------
Net current assets
2,281,628
2,513,865
------------
------------
Total assets less current liabilities
2,633,301
2,947,963
------------
------------
Net assets
2,633,301
2,947,963
------------
------------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
6
2,600,000
2,600,000
Other amounts
6
33,301
------------
------------
2,633,301
2,600,000
------------
------------
Members' other interests
Other reserves
------------
------------
2,633,301
2,600,000
------------
------------
Total members' interests
Amounts due from members
(1,905)
(442,254)
Loans and other debts due to members
6
2,633,301
2,600,000
Members' other interests
------------
------------
2,631,396
2,157,746
------------
------------
These abridged financial statements have been prepared 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'.
For the 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) 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 abridged financial statements .
Medical Ventures Partnership LLP
Abridged Statement of Financial Position (continued)
29 February 2024
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
These abridged financial statements were approved by the members and authorised for issue on 15 November 2024 , and are signed on their behalf by:
E A Copsey
Designated Member
Registered number: OC310630
Medical Ventures Partnership LLP
Reconciliation of Members' Interests
Year ended 29 February 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total 2024
£
£
£
£
£
£
Amounts due to members
Amounts due from members
(94,291)
(94,291)
--------
--------
Balance at 1 March 2023
(94,291)
(94,291)
(94,291)
Profit for the financial year available for discretionary division among members
423,062
423,062
423,062
---------
---------
----
--------
--------
---------
Members' interests after profit for the year
423,062
423,062
(94,291)
(94,291)
328,771
Other division of profits
(423,062)
(423,062)
423,062
423,062
Introduced by members
2,600,000
2,600,000
2,600,000
Drawings
(297,375)
(297,375)
(297,375)
---------
------------
Amounts due to members
33,301
33,301
Amounts due from members
(1,905)
(1,905)
---------
---------
------------
---------
------------
------------
Balance at 29 February 2024
2,600,000
31,396
2,631,396
2,631,396
---------
---------
------------
---------
------------
------------
Medical Ventures Partnership LLP
Reconciliation of Members' Interests (continued)
Year ended 29 February 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total 2023
£
£
£
£
£
£
Amounts due to members
42,683
42,683
Amounts due from members
(13,658)
(13,658)
--------
--------
Balance at 1 March 2022
29,025
29,025
29,025
Profit for the financial year available for discretionary division among members
347,963
347,963
347,963
---------
---------
----
--------
--------
---------
Members' interests after profit for the year
347,963
347,963
29,025
29,025
376,988
Introduced by members
2,600,000
2,600,000
2,600,000
Drawings
(471,279)
(471,279)
(471,279)
---------
------------
Amounts due to members
Amounts due from members
(442,254)
(442,254)
---------
---------
------------
---------
------------
------------
Balance at 28 February 2023
347,963
347,963
2,600,000
(442,254)
2,157,746
2,505,709
---------
---------
------------
---------
------------
------------
Medical Ventures Partnership LLP
Notes to the Abridged Financial Statements
Year ended 29 February 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 11 Floor, 54 Hagley Road, Birmingham, B16 8PE.
2.
Statement of compliance
These abridged 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
1 Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
2 Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the LLP. Disclosures in respect of financial instruments have not been presented. No disclosure has been given for the aggregate remuneration of key management personnel.
3 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.
Medical Ventures Partnership LLP
Notes to the Abridged Financial Statements (continued)
Year ended 29 February 2024
3. Accounting policies (continued)
Members' participation rights (continued)
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 abridged 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 abridged 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 abridged statement of comprehensive income and are equity appropriations in the abridged 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 abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
4.
Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
93,187
105,807
--------
---------
5.
Tangible assets
£
Cost
At 1 March 2023
773,503
Additions
313,926
Disposals
( 440,127)
---------
At 29 February 2024
647,302
---------
Depreciation
At 1 March 2023
339,405
Charge for the year
93,187
Disposals
( 136,963)
---------
At 29 February 2024
295,629
---------
Carrying amount
At 29 February 2024
351,673
---------
At 28 February 2023
434,098
---------
6.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
33,301
Other amounts
2,600,000
2,600,000
------------
------------
2,633,301
2,600,000
------------
------------