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Registration number: OC393630

Milla Maddern LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

Milla Maddern LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 4

Balance Sheet

2

Notes to the Financial Statements

3

 

Milla Maddern LLP

Limited liability partnership information

Designated members

Mrs J V Heath

Mr J H Maddern
 

Registered office

Brent Holm Unit N
Mendip road
Rooksbridge
Somerset
Somerset

Accountants

Westcotts (SW) LLP
80 Oxford Street
Burnham on Sea
Somerset
TA8 1EF

 

Milla Maddern LLP

(Registration number: OC393630)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

3

13,192

13,353

Cash and short-term deposits

 

10,871

3,235

 

24,063

16,588

Creditors: Amounts falling due within one year

4

(46,153)

(40,027)

Net liabilities attributable to members

 

(22,090)

(23,439)

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(28,083)

(24,753)

Members’ other interests

 

Other reserves

 

5,993

1,314

   

(22,090)

(23,439)

Total members' interests

 

Loans and other debts due to members

 

(28,083)

(24,753)

Equity

 

5,993

1,314

   

(22,090)

(23,439)

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.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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.

The financial statements of Milla Maddern LLP (registered number OC393630) were approved by the Board and authorised for issue on 11 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mrs J V Heath
Designated member

 

Milla Maddern LLP

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

1

Accounting policies

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.

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 Milla Maddern 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' 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 income and retained earnings 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 income and retained earnings 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 income and retained earnings 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'.

 

Milla Maddern LLP

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

Financial instruments

Classification

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2023 - 3).

3

Debtors

2024
£

2023
£

Other debtors

13,192

13,353

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

69

894

Other creditors

46,084

39,133

46,153

40,027

5

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.