Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-052024-04-05false922023-04-06falseProvision of accountancy and taxation services86trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC361855 2023-04-06 2024-04-05 OC361855 2022-04-06 2023-04-05 OC361855 2024-04-05 OC361855 2023-04-05 OC361855 c:Buildings 2023-04-06 2024-04-05 OC361855 c:Buildings 2024-04-05 OC361855 c:Buildings 2023-04-05 OC361855 c:Buildings c:OwnedOrFreeholdAssets 2023-04-06 2024-04-05 OC361855 c:Buildings c:LongLeaseholdAssets 2023-04-06 2024-04-05 OC361855 c:FurnitureFittings 2023-04-06 2024-04-05 OC361855 c:ComputerEquipment 2023-04-06 2024-04-05 OC361855 c:OtherPropertyPlantEquipment 2023-04-06 2024-04-05 OC361855 c:OtherPropertyPlantEquipment 2024-04-05 OC361855 c:OtherPropertyPlantEquipment 2023-04-05 OC361855 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-04-06 2024-04-05 OC361855 c:OwnedOrFreeholdAssets 2023-04-06 2024-04-05 OC361855 c:CurrentFinancialInstruments 2024-04-05 OC361855 c:CurrentFinancialInstruments 2023-04-05 OC361855 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-05 OC361855 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-05 OC361855 d:FRS102 2023-04-06 2024-04-05 OC361855 d:AuditExempt-NoAccountantsReport 2023-04-06 2024-04-05 OC361855 d:FullAccounts 2023-04-06 2024-04-05 OC361855 d:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC361855 2 2023-04-06 2024-04-05 OC361855 d:PartnerLLP1 2023-04-06 2024-04-05 OC361855 d:PartnerLLP2 2023-04-06 2024-04-05 OC361855 d:PartnerLLP3 2023-04-06 2024-04-05 OC361855 d:PartnerLLP4 2023-04-06 2024-04-05 OC361855 d:PartnerLLP5 2023-04-06 2024-04-05 OC361855 d:PartnerLLP6 2023-04-06 2024-04-05 OC361855 d:PartnerLLP7 2023-04-06 2024-04-05 OC361855 d:PartnerLLP8 2023-04-06 2024-04-05 OC361855 d:PartnerLLP9 2023-04-06 2024-04-05 OC361855 d:PartnerLLP10 2023-04-06 2024-04-05 OC361855 c:FurtherSpecificReserve3ComponentTotalEquity 2024-04-05 OC361855 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-05 iso4217:GBP xbrli:pure

Registered number: OC361855










MA PARTNERS LLP








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

 
MA PARTNERS LLP
 

INFORMATION




Designated Members

C J Dugdale
A J Fish
Mrs C Goodswen
Mrs M A Sargeant
F M E Shippam
S Lindsay
I Barber
Mrs E J Hunt
Mrs A M D Lynch

Member

Mrs I E Webster (appointed 6 April 2024)

LLP registered number

OC361855

Registered office

7 The CloseNorwichNorfolkNR1 4DJ


 
MA PARTNERS LLP
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 7


 
MA PARTNERS LLP
REGISTERED NUMBER: OC361855

BALANCE SHEET
AS AT 5 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
70,113
127,998

Current assets
  

Debtors: amounts falling due within one year
 5 
2,985,344
2,637,774

Bank & cash balances
  
83,473
594,700

  
3,068,817
3,232,474

Creditors: Amounts Falling Due Within One Year
 6 
(1,019,947)
(1,295,138)

Net current assets
  
 
 
2,048,870
 
 
1,937,336

  

Net assets
  
2,118,983
2,065,334


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
750,001
800,001

Other amounts

 7 

1,368,982
1,265,333

  
 
2,118,983
 
2,065,334

  

  
2,118,983
2,065,334


Total members' interests
  

Loans and other debts due to members
 7 
2,118,983
2,065,334

  
2,118,983
2,065,334


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

The entity 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.

Page 1

 
MA PARTNERS LLP
REGISTERED NUMBER: OC361855
    
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2024

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 20 December 2024.




C J Dugdale
A J Fish
Designated member
Designated member


The notes on pages 3 to 7 form part of these financial statements.

MA Partners LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
MA PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1.


General information

MA Partners LLP is a Limited Liability Partnership incorporated in England and Wales.  The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The LLP's principal activity is that of the provision of accountancy and taxation services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover represents the fair value of services provided during the period on client assignments. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on the time spent, skills and expertise provided and expenses incurred.  Turnover excludes Value Added Tax.
Turnover in respect of contingent fee assignments (over and above any agreed minimum fee which is recognised as above) is recognised in the period when the contingent event occurs and the collectability of the fee is assured.
Unbilled turnover on individual client assignments is included as accrued income within debtors. Where individual on-account billings exceed revenue recognised on client assignments, the excess is classified as deferred income within creditors.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
MA PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Tenants improvements
-
10%
straight line
Furniture and equipment
-
25%
reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
MA PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

2.Accounting policies (continued)

 
2.9

Operating leases: the LLP as lessee

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

 
2.10

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees during the year was 92 (2023 - 86).

Page 5

 
MA PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

4.


Tangible fixed assets





Tenants improvements
Other fixed assets
Total

£
£
£



Cost or valuation


At 6 April 2023
127,300
1,016,670
1,143,970


Additions
2,426
41,052
43,478



At 5 April 2024

129,726
1,057,722
1,187,448



Depreciation


At 6 April 2023
115,714
900,258
1,015,972


Charge for the year on owned assets
1,691
99,670
101,361



At 5 April 2024

117,405
999,928
1,117,333



Net book value



At 5 April 2024
12,321
57,794
70,115



At 5 April 2023
11,586
116,412
127,998


5.


Debtors

2024
2023
£
£


Trade debtors
1,811,619
1,509,070

Other debtors
434,676
415,404

Prepayments and accrued income
739,049
713,300

2,985,344
2,637,774


Page 6

 
MA PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdraft
-
42,836

Trade creditors
275,519
297,560

Other taxation and social security
334,662
298,262

Other creditors
409,766
656,480

1,019,947
1,295,138


The bank overdraft is secured by way of a debenture.


7.


Loans and other debts due to members


2024
2023
£
£



Members' capital treated as debt
(750,001)
(800,001)

Other amounts due to members
(1,368,982)
(1,265,333)

(2,118,983)
(2,065,334)

All of these amounts fall due for payment within one year.

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


8.


Pension commitments

Contributions totalling £27,234 (2023 - £26,239) were payable to the fund at the balance sheet date and are included in creditors.


9.Other financial commitments

The LLP had total financial commitments which are not included in the balance sheet amounting to £437,108 (2023 - £188,629).

 
Page 7