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Registration number: OC338105

Medical & Professional Investment LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Medical & Professional Investment LLP

(Registration number: OC338105)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

448

744

Current assets

 

Stocks

25,425

26,463

Cash and short-term deposits

 

158,396

129,798

 

183,821

156,261

Creditors: Amounts falling due within one year

4

(54,117)

(27,325)

Net current assets

 

129,704

128,936

Net assets attributable to members

 

130,152

129,680

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

4,396

23,924

Members’ other interests

 

Members' capital classified as equity

 

125,756

105,756

   

130,152

129,680

Total members' interests

 

Loans and other debts due to members

 

4,396

23,924

Equity

 

125,756

105,756

   

130,152

129,680

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.

 

Medical & Professional Investment LLP

(Registration number: OC338105)
Balance Sheet as at 31 March 2024

The financial statements of Medical & Professional Investment LLP (registered number OC338105) were approved by the Board and authorised for issue on 5 October 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Hugh Edwards
Designated member

.........................................
Mr Robert Ford
Designated member

 

Medical & Professional Investment LLP

Notes to the Financial Statements for the Year Ended 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.

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 Medical & Professional Investment 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.

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.

 

Medical & Professional Investment LLP

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

other taxes policy

Tangible fixed assets

Individual fixed assets costing £500.00 or more are initially recorded at cost.

Amortisation

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

Plant and machinery

20% reducing balance basis

Fixtures and fittings

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2023 - 1).

 

Medical & Professional Investment LLP

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

3

Tangible fixed assets

Plant and machinery
 £

Fixtures and fittings
 £

Total
£

Cost

At 1 April 2023

4,181

13,592

17,773

At 31 March 2024

4,181

13,592

17,773

Depreciation

At 1 April 2023

4,039

12,990

17,029

Charge for the year

56

240

296

At 31 March 2024

4,095

13,230

17,325

Net book value

At 31 March 2024

86

362

448

At 31 March 2023

142

602

744

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Other creditors

54,117

27,325