Registered No. OC379568 (England and Wales)
MBI Insolvency LLP
Unaudited accounts
for the year ended 31 March 2024
MBI Insolvency LLP
LLP Information
for the year ended 31 March 2024
Designated members
Miss Emma Lois Minnie Payne
Registered Number
OC379568 (England and Wales)
Registered Office
10 Toad Pond Close
Swinton
Manchester
M27 0BW
England
Accountants
Streamline Accountancy Limited
Suite 105, 9 St Georges Court
Altrincham Business Park
Dairyhouse Lane
Altrincham
Cheshire
WA14 5UA
MBI Insolvency LLP
Statement of financial position
as at 31 March 2024
Tangible assets
42,533
60,768
Cash at bank and in hand
4,208
7,943
Creditors: amounts falling due within one year
(10,720)
(10,720)
Net current liabilities
(6,512)
(2,777)
Total assets less current liabilities
36,021
57,991
Creditors: amounts falling due after more than one year
(3,333)
(13,333)
Net assets attributable to members
32,688
44,658
Loans and other debts due to members
32,688
44,658
Loans and other debts due to members
32,688
44,658
For the year ending 31 March 2024 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 24 December 2024.
Mrs Suzanne Payne
Designated member
Limited Liability Partnership Registration No. OC379568
MBI Insolvency LLP
Notes to the Accounts
for the year ended 31 March 2024
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital, even if that obligation is conditional.
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Where the LLP enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.
All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.
Rents receivable on the freehold investment property under the terms of the operating lease are included in the profit and loss account on a receivable basis.
MBI Insolvency LLP is a limited liability partnership, incorporated in England and Wales, registration number OC379568. Its registered office is 10 Toad Pond Close, Swinton, Manchester, M27 0BW, England.
MBI Insolvency LLP
Notes to the Accounts
for the year ended 31 March 2024
3
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2023
72,750
974
73,724
At 31 March 2024
72,750
974
73,724
At 1 April 2023
12,125
831
12,956
Charge for the year
18,188
47
18,235
At 31 March 2024
30,313
878
31,191
At 31 March 2024
42,437
96
42,533
At 31 March 2023
60,625
143
60,768
4
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
10,000
10,000
5
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
3,333
13,333
6
Loans and other debts due to members
2024
2023
Members' capital classified as a liability
32,688
44,658
Amounts falling due within one year
32,688
44,658
Loans and other debts due to members rank equally with debts due to other unsecured creditors in the event of a winding up.
7
Average number of employees
During the year the average number of employees was 1 (2023: 1).