Limited Liability Partnership registration number OC321551 (England and Wales)
MCCANN FAMILY LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MCCANN FAMILY LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 9
MCCANN FAMILY LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
8,204,750
8,495,000
Investments
5
191
191
8,204,941
8,495,191
Current assets
Debtors
6
32,807
42,016
Cash at bank and in hand
82,937
50,055
115,744
92,071
Creditors: amounts falling due within one year
7
(111,247)
(99,168)
Net current assets/(liabilities)
4,497
(7,097)
Total assets less current liabilities
8,209,438
8,488,094
Creditors: amounts falling due after more than one year
8
(3,527,238)
(3,921,317)
Net assets attributable to members
4,682,200
4,566,777
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
1,721,316
1,721,316
Other amounts
327,664
91,287
2,048,980
1,812,603
Members' other interests
Revaluation reserve
2,560,285
2,681,239
Other reserves classified as equity
72,935
72,935
4,682,200
4,566,777
MCCANN FAMILY LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

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.

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

The financial statements were approved by the members and authorised for issue on 12 November 2024 and are signed on their behalf by:
12 November 2024
H Albertella
Designated member
Limited Liability Partnership registration number OC321551 (England and Wales)
MCCANN FAMILY LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Other reserves
Total
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
2,681,239
72,935
2,754,174
1,721,316
91,287
1,812,603
4,566,777
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
-
37,045
37,045
37,045
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
-
Members' interests after loss and remuneration for the year
2,681,239
72,935
2,754,174
1,721,316
128,332
1,849,648
4,603,822
Introduced by members
-
-
-
-
76,500
76,500
76,500
Drawings on account and distributions of profit
-
-
-
-
1,878
1,878
1,878
Other movements
(120,954)
-
(120,954)
-
120,954
120,954
-
Members' interests at 31 March 2024
2,560,285
72,935
2,633,220
1,721,316
327,664
2,048,980
4,682,200
MCCANN FAMILY LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Other reserves
Total
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
2,681,239
72,935
2,754,174
1,721,316
293,246
2,014,562
4,768,736
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
-
63,019
63,019
63,019
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
-
Members' interests after loss and remuneration for the year
2,681,239
72,935
2,754,174
1,721,316
356,265
2,077,581
4,831,755
Introduced by members
-
-
-
-
24,000
24,000
24,000
Drawings on account and distributions of profit
-
-
-
-
(288,978)
(288,978)
(288,978)
Members' interests at 31 March 2023
2,681,239
72,935
2,754,174
1,721,316
91,287
1,812,603
4,566,777
MCCANN FAMILY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Limited liability partnership information

McCann Family LLP is a limited liability partnership incorporated in England and Wales. The registered office is c/o Mercer & Hole LLP, The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, MK9 1BP.

 

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income receivable on an accruals basis.

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Unquoted investments are stated at nominal value of shares in the absence of other information. This investment is in an overseas company and there is no information readily available as to the fair value. Refunds of a loan within the investment are treated as a reserve on revaluation.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MCCANN FAMILY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

MCCANN FAMILY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
MCCANN FAMILY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Investment property
2024
£
Fair value
At 1 April 2023
8,495,000
Disposals
(330,000)
Other movements
39,750
At 31 March 2024
8,204,750

Investment property comprises of residential properties. The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 31 March 2021 by members having sought external advice. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In the opinion of the members this remains a reasonable estimate of their fair value at the year end 31st March 2024.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
191
191
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
483
1,188
Other debtors
32,324
40,828
32,807
42,016
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
26,683
24,424
Other creditors
84,564
74,744
111,247
99,168
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,527,238
3,921,317
MCCANN FAMILY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -

The bank loans are secured by fixed charges over investment properties.

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