Limited Liability Partnership registration number OC303074 (England and Wales)
MGS SPORTING LLP
(FORMERLY, MIDDLESMOOR GROUSE SHOOT LLP)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MGS SPORTING LLP
(FORMERLY, MIDDLESMOOR GROUSE SHOOT LLP)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MGS SPORTING LLP
(FORMERLY, MIDDLESMOOR GROUSE SHOOT LLP)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,602
36,509
Current assets
Debtors
4
81,769
57,596
Cash at bank and in hand
7,988
7,737
89,757
65,333
Creditors: amounts falling due within one year
5
(115,149)
(89,423)
Net current liabilities
(25,392)
(24,090)
Total assets less current liabilities
9,210
12,419
Creditors: amounts falling due after more than one year
6
(7,556)
(10,765)
Net assets attributable to members
1,654
1,654
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
1,654
1,654
Total members' interests
7
Amounts due from members
(41,550)
(3,868)
Loans and other debts due to members
1,654
1,654
(39,896)
(2,214)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

MGS SPORTING LLP
(FORMERLY, MIDDLESMOOR GROUSE SHOOT LLP)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 26 November 2024 and are signed on their behalf by:
26 November 2024
Mr BJ Ramsden
Designated member
Limited Liability Partnership registration number OC303074 (England and Wales)
MGS SPORTING LLP
(FORMERLY, MIDDLESMOOR GROUSE SHOOT LLP)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

MGS Sporting LLP is a limited liability partnership incorporated in England and Wales. The registered office is Garden House, Green Lane, Ashley, Market Harborough, Leicestershire, LE16 8HD.

 

With the effect from 16 October 2023 the name of the company was changed from Middlesmoor Grouse Shoot LLP to MGS Sporting LLP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Over the life of the asset
Plant and equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Leases and hire purchase contracts

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases and hire purchase contracts are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease or hire purchase contract payments. The related liability is included in the balance sheet as a finance lease and hire purchase contract obligation. Payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

MGS SPORTING LLP
(FORMERLY, MIDDLESMOOR GROUSE SHOOT LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
11,691
62,530
29,358
103,579
Additions
769
1,940
3,058
5,767
At 31 March 2024
12,460
64,470
32,416
109,346
Depreciation and impairment
At 1 April 2023
59
54,422
12,589
67,070
Depreciation charged in the year
366
2,351
4,957
7,674
At 31 March 2024
425
56,773
17,546
74,744
Carrying amount
At 31 March 2024
12,035
7,697
14,870
34,602
At 31 March 2023
11,632
8,108
16,769
36,509
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
701
11,000
Amounts owed by members
41,550
3,868
Other debtors
33,244
37,071
Prepayments and accrued income
6,274
5,657
81,769
57,596
MGS SPORTING LLP
(FORMERLY, MIDDLESMOOR GROUSE SHOOT LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
25,848
Obligations under finance leases and hire purchase contracts
3,209
2,896
Trade creditors
45,101
28,735
Other taxation and social security
890
522
Accruals and deferred income
65,949
31,422
115,149
89,423
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases and hire purchase contracts
7,556
10,765
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
1,654
Amounts due from members
(3,868)
Members' interests at 1 April 2023
-
(2,214)
(2,214)
(2,214)
Loss for the financial year available for discretionary division among members
(46,719)
-
-
(46,719)
Members' interests after loss for the year
(46,719)
(2,214)
(2,214)
(48,933)
Allocation of loss for the financial year
46,719
(46,719)
(46,719)
-
Introduced by members
-
27,649
27,649
27,649
Drawings on account and distributions of profit
-
(18,612)
(18,612)
(18,612)
Members' interests at 31 March 2024
-
(39,896)
(39,896)
(39,896)
Amounts due to members
1,654
Amounts due from members, included in debtors
(41,550)
(39,896)
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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