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REGISTERED NUMBER: OC331876 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Morgan Griffiths LLP

Morgan Griffiths LLP (Registered number: OC331876)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Morgan Griffiths LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: R J Osment
S Lewis
T M Landers
Ms K Gittins





REGISTERED OFFICE: Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY





REGISTERED NUMBER: OC331876 (England and Wales)






Morgan Griffiths LLP (Registered number: OC331876)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 900,000 900,000
Tangible assets 6 28,479 39,293
928,479 939,293

CURRENT ASSETS
Stocks 28,500 28,200
Debtors 7 560,220 552,004
Cash at bank and in hand 130,239 152,086
718,959 732,290
CREDITORS
Amounts falling due within one year 8 355,473 247,878
NET CURRENT ASSETS 363,486 484,412
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,291,965

1,423,705

MEMBERS' LOANS AND OTHER DEBTS 9 1,291,965 1,423,705

TOTAL MEMBERS' INTERESTS
Members' loans and other debts 9 1,291,965 1,423,705

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Morgan Griffiths LLP (Registered number: OC331876)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 1 December 2024 and were signed by:




T M Landers - Designated member




Ms K Gittins - Designated member


Morgan Griffiths LLP (Registered number: OC331876)

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


1. STATUTORY INFORMATION

Morgan Griffiths LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of goodwill.

Turnover
Turnover represents gross fee income excluding value added tax, adjusted for work in progress and accrued income.

Goodwill
No amortisation is provided for goodwill as in the opinion of the members the realisable value is not less than the amount shown in the balance sheet.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEE INFORMATION

The average number of employees during the year was 22 (2023 - 23 ) .

Morgan Griffiths LLP (Registered number: OC331876)

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


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 900,000
NET BOOK VALUE
At 31 March 2024 900,000
At 31 March 2023 900,000

Cost or valuation at 31 March 2024 is represented by:

Goodwill
£   
Valuation in 2015 585,000
Cost 315,000
900,000

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 55,493
Disposals (27,014 )
At 31 March 2024 28,479
DEPRECIATION
At 1 April 2023 16,200
Eliminated on disposal (16,200 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 28,479
At 31 March 2023 39,293

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 500,877 495,035
Other debtors 59,343 56,969
560,220 552,004

Morgan Griffiths LLP (Registered number: OC331876)

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


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 30,021 46,761
Taxation and social security 110,322 101,566
Other creditors 215,130 99,551
355,473 247,878

9. MEMBERS' LOANS AND OTHER DEBTS

The amount shown in respect of 'Members' Loans and Other Debts' is repayable after all other creditors.