Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3118true2023-04-01falsemanufacture of GRP products16trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC311991 2023-04-01 2024-03-31 OC311991 2022-04-01 2023-03-31 OC311991 2024-03-31 OC311991 2023-03-31 OC311991 2022-04-01 OC311991 c:PlantMachinery 2023-04-01 2024-03-31 OC311991 c:PlantMachinery 2024-03-31 OC311991 c:PlantMachinery 2023-03-31 OC311991 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC311991 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 OC311991 c:MotorVehicles 2023-04-01 2024-03-31 OC311991 c:MotorVehicles 2024-03-31 OC311991 c:MotorVehicles 2023-03-31 OC311991 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC311991 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 OC311991 c:FurnitureFittings 2023-04-01 2024-03-31 OC311991 c:FurnitureFittings 2024-03-31 OC311991 c:FurnitureFittings 2023-03-31 OC311991 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC311991 c:FurnitureFittings c:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 OC311991 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC311991 c:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 OC311991 c:CurrentFinancialInstruments 2024-03-31 OC311991 c:CurrentFinancialInstruments 2023-03-31 OC311991 c:Non-currentFinancialInstruments 2024-03-31 OC311991 c:Non-currentFinancialInstruments 2023-03-31 OC311991 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC311991 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC311991 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC311991 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC311991 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 OC311991 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC311991 d:FRS102 2023-04-01 2024-03-31 OC311991 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC311991 d:FullAccounts 2023-04-01 2024-03-31 OC311991 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC311991 c:WithinOneYear 2024-03-31 OC311991 c:WithinOneYear 2023-03-31 OC311991 c:BetweenOneFiveYears 2024-03-31 OC311991 c:BetweenOneFiveYears 2023-03-31 OC311991 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 OC311991 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 OC311991 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 OC311991 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 OC311991 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-03-31 OC311991 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-03-31 OC311991 c:LeasedAssetsHeldAsLessee 2024-03-31 OC311991 c:LeasedAssetsHeldAsLessee 2023-03-31 OC311991 d:PartnerLLP1 2023-04-01 2024-03-31 OC311991 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-01 2024-03-31 OC311991 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC311991 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-04-01 2023-03-31 OC311991 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC311991 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-04-01 OC311991 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC311991









MULTITEX GRP LLP







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MULTITEX GRP LLP
REGISTERED NUMBER: OC311991

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
134,022
151,706

  
134,022
151,706

Current assets
  

Stocks
 5 
17,775
18,220

Debtors: amounts falling due within one year
 6 
151,744
260,919

Cash at bank and in hand
 7 
126,179
205,368

  
295,698
484,507

Creditors: Amounts Falling Due Within One Year
 8 
(426,850)
(492,960)

Net current liabilities
  
 
 
(131,152)
 
 
(8,453)

Total assets less current liabilities
  
2,870
143,253

Creditors: amounts falling due after more than one year
 9 
(21,667)
(53,175)

  
(18,797)
90,078

  

Net (liabilities)/assets
  
(18,797)
90,078


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
(18,797)
90,078

  
(18,797)
90,078


Total members' interests
  

Members' other interests
  
(18,797)
90,078

  
(18,797)
90,078


Page 1

 
MULTITEX GRP LLP
REGISTERED NUMBER: OC311991
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 29 November 2024.





................................................
K Roycroft
Designated member

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
MULTITEX GRP LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Members capital (classified as equity)
Total equity

£
£


At 1 April 2022
42,396
42,396


Comprehensive income for the year

Allocated profit
310,075
310,075


Contributions by and distributions to members

Capital amounts repaid to members
(262,393)
(262,393)


Total transactions with members
(262,393)
(262,393)



At 1 April 2023
90,078
90,078


Comprehensive income for the year

Allocated profit
146,019
146,019


Contributions by and distributions to members

Capital amounts repaid to members
(254,894)
(254,894)


Total transactions with members
(254,894)
(254,894)


At 31 March 2024
(18,797)
(18,797)

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
MULTITEX GRP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The partnership is a limited liability partnership, incorporated in England. The principal place of business is Station Works, Unit A, Tisbury, Wiltshire SP3 6JT. The principal activity throughout the year was the manufacture of GRP products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 4

 
MULTITEX GRP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.8

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits both automatically and discretionarily. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of comprehensive income. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
MULTITEX GRP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10% reducing balance
Motor vehicles
-
15% reducing balance
Fixtures and fittings
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 16).

Page 6

 
MULTITEX GRP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
270,083
99,347
40,389
409,819



At 31 March 2024

270,083
99,347
40,389
409,819



Depreciation


At 1 April 2023
179,619
49,086
29,408
258,113


Charge for the year on owned assets
9,046
4,696
1,099
14,841


Charge for the year on financed assets
-
2,843
-
2,843



At 31 March 2024

188,665
56,625
30,507
275,797



Net book value



At 31 March 2024
81,418
42,722
9,882
134,022



At 31 March 2023
90,464
50,261
10,981
151,706

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
16,112
18,955

16,112
18,955


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
17,775
18,220

17,775
18,220


Page 7

 
MULTITEX GRP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
142,476
247,681

Other debtors
715
1,225

Prepayments and accrued income
8,553
12,013

151,744
260,919



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
126,179
205,368

126,179
205,368


Page 8

 
MULTITEX GRP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
20,000
20,000

Trade creditors
178,929
156,806

Other taxation and social security
9,465
9,911

Obligations under finance lease and hire purchase contracts
11,508
2,896

Other creditors
3,762
4,342

Accruals and deferred income
203,186
299,005

426,850
492,960


The following liabilities were secured:

2024
2023
£
£



Hire purchase
11,508
2,896

11,508
2,896

Details of security provided:

Hire purchase is secured against the asset.

Page 9

 
MULTITEX GRP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
21,667
41,667

Net obligations under finance leases and hire purchase contracts
-
11,508

21,667
53,175


The following liabilities were secured:

2024
2023
£
£



Hire purchase
-
11,508

-
11,508

Details of security provided:

Hire purchase is secured against the asset.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
20,000
20,000

Amounts falling due 1-2 years

Other loans
21,667
41,667



41,667
61,667


Page 10

 
MULTITEX GRP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
11,508
2,896

Between 1-5 years
-
11,508

11,508
14,404


12.


Pension commitments

The partnership operates a defined contributions pension scheme in respect of the employees. The assets of the scheme are held separately from those of the partnership in an independently administered fund. The pension cost charge represents contributions payable by the partnership to the fund and amounted to £8,882 (2023 - £9,425). Contributions totalling £1,161 (2023 - £655) were payable to the fund at the balance sheet date.


13.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
53,006
60,506

Later than 1 year and not later than 5 years
3,552
5,772

56,558
66,278

 
Page 11