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Miller Commercial LLP

Annual Report and Unaudited Financial Statements
period from 1 May 2023 to 31 March 2024

Registration number: OC373087

 

Miller Commercial LLP

Contents

Financial Statements

1 to 9

Balance Sheet

1

Notes to the Financial Statements

3

 

Miller Commercial LLP

Balance Sheet

31 March 2024

Note

31 March 2024
 £

30 April 2023
 £

Fixed assets

 

Intangible assets

3

131,628

150,690

Tangible assets

4

7,675

15,412

Investments

5

261,618

-

 

400,921

166,102

Current assets

 

Stocks

-

1,700

Debtors

6

95,399

72,541

Cash and short-term deposits

 

103,849

114,062

 

199,248

188,303

Creditors: Amounts falling due within one year

7

(326,196)

(282,280)

Net current liabilities

 

(126,948)

(93,977)

Total assets less current liabilities

 

273,973

72,125

Creditors: Amounts falling due after more than one year

8

(167,716)

(43,333)

Net assets attributable to members

 

106,257

28,792

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

148,000

100,000

Other amounts

(41,743)

(71,208)

 

106,257

28,792

   

106,257

28,792

Total members' interests

 

Loans and other debts due to members

 

106,257

28,792

   

106,257

28,792

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

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

 

Miller Commercial LLP

Balance Sheet

31 March 2024

These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and the option not to file a profit and loss account has been taken.

The financial statements of Miller Commercial LLP (registered number OC373087) were approved by the members and authorised for issue on 8 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
M S Nightingale
Designated member

.........................................
B J Botting
Designated member

.........................................
G E Barton
Designated member

.........................................
T L Smith
Designated member

 

Miller Commercial LLP

Notes to the Financial Statements

Period from 1 May 2023 to 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statment of Recommended Practice 'Accounting for Limited Partnerships' issued in January 2017.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Miller Commercial LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Miller Commercial LLP

Notes to the Financial Statements

Period from 1 May 2023 to 31 March 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Website

Straight line over 3 to 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Motor vehicles

25% straight line

Investments held as non current assets

Investments are stated at historical cost, subsequently measured annually or when evidence of impairment exists with any gain or diminution in value recognised through the profit or loss.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

Pensions and other post retirement obligations

The LLP operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Miller Commercial LLP

Notes to the Financial Statements

Period from 1 May 2023 to 31 March 2024

Financial instruments

Recognition and Measurement

The LLP has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instruments and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments:

Basic financial assets comprise short term trade and other debtors and cash and bank balances.

Basic financial liabilities comprise short term trade and other creditors.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 16 (2023 - 16).

 

Miller Commercial LLP

Notes to the Financial Statements

Period from 1 May 2023 to 31 March 2024

3

Intangible fixed assets

Goodwill
£

Website
£

Total
£

Cost

At 1 May 2023

180,000

17,345

197,345

At 31 March 2024

180,000

17,345

197,345

Amortisation

At 1 May 2023

36,000

10,655

46,655

Charge for the year

16,500

2,562

19,062

At 31 March 2024

52,500

13,217

65,717

Net book value

At 31 March 2024

127,500

4,128

131,628

At 30 April 2023

144,000

6,690

150,690

4

Tangible fixed assets

Fixtures and fittings
 £

Total
£

Cost

At 1 May 2023

281,935

281,935

Additions

1,331

1,331

At 31 March 2024

283,266

283,266

Depreciation

At 1 May 2023

266,523

266,523

Charge for the year

9,068

9,068

At 31 March 2024

275,591

275,591

Net book value

At 31 March 2024

7,675

7,675

At 30 April 2023

15,412

15,412

5

Investments held as fixed assets

2024
£

Other investments

261,618

 

Miller Commercial LLP

Notes to the Financial Statements

Period from 1 May 2023 to 31 March 2024

Other investments

Unlisted investments
£

Total
£

Cost

Additions

261,618

261,618

At 31 March 2024

261,618

261,618

Net book value

At 31 March 2024

261,618

261,618

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings

Listers Property Consultants Limited

United Kingdom

Ordinary Shares

100%

Property Consultants

6

Debtors

31 March 2024
 £

30 April 2023
 £

Trade debtors

87,373

40,854

Other debtors

1,014

3,104

Prepayments and accrued income

7,012

28,583

95,399

72,541

 

Miller Commercial LLP

Notes to the Financial Statements

Period from 1 May 2023 to 31 March 2024

7

Creditors: Amounts falling due within one year

31 March 2024
 £

30 April 2023
 £

Bank loans and overdrafts

20,000

20,000

Trade creditors

7,852

10,069

Taxation and social security

66,994

37,467

Other creditors

96,528

89,699

Accruals and deferred income

134,822

125,045

326,196

282,280

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank loan

20,000

20,000

The loan is secured by an unlimited debenture dated 19/02/2016 from the LLP.

8

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

25,000

43,333

Other creditors

142,716

-

167,716

43,333

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank loan

25,000

43,333

The loan is secured by an unlimited debenture dated 19/02/2016 from the LLP.

 

Miller Commercial LLP

Notes to the Financial Statements

Period from 1 May 2023 to 31 March 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £675 (2023 - £1,575).