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Registered number: OC411747
MSE Business Management LLP
Financial Statements
For The Year Ended 31 March 2024
MSE Business Management LLP
Association of Chartered Certified Accountants
1st Floor
104 Oxford Street
London
Greater London
W1D 1LP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC411747
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,556 29,282
17,556 29,282
CURRENT ASSETS
Debtors 5 523,554 545,494
Cash at bank and in hand 25,785 21,581
549,339 567,075
Creditors: Amounts Falling Due Within One Year 6 (496,895 ) (447,153 )
NET CURRENT ASSETS (LIABILITIES) 52,444 119,922
TOTAL ASSETS LESS CURRENT LIABILITIES 70,000 149,204
Creditors: Amounts Falling Due After More Than One Year 7 (70,000 ) (110,000 )
NET ASSETS ATTRIBUTABLE TO MEMBERS - 39,204
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts - 39,204
- 39,204
- 39,204
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year - 39,204
- 39,204
Page 1
Page 2
For the year ending 31 March 2024 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (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 LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr David Cushion
Designated Member
02/01/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MSE Business Management LLP is a limited liability partnership, incorporated in England & Wales, registered number OC411747 . The Registered Office is 1st Floor, 104 Oxford Street, London, W1D 1LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line
Fixtures & Fittings 25% Straight Line
Computer Equipment 25% Straight Line
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was:
2024 2023
Office and administration 22 19
22 19
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 100,741 41,530 142,271
Additions 21,957 9,832 31,789
As at 31 March 2024 122,698 51,362 174,060
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 April 2023 74,593 38,396 112,989
Provided during the period 30,674 12,841 43,515
As at 31 March 2024 105,267 51,237 156,504
Net Book Value
As at 31 March 2024 17,431 125 17,556
As at 1 April 2023 26,148 3,134 29,282
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 276,152 318,058
Prepayments and accrued income 64,871 4,527
Rent Deposit 44,687 36,911
Other debtors (1) 22,726 22,726
Amounts due from members 115,118 163,272
523,554 545,494
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 195,538 82,626
Bank loans and overdrafts 40,000 40,000
Other taxes and social security 81,958 23,793
VAT 96,549 201,820
Other creditors 23,719 12,731
Accruals and deferred income 59,131 86,183
496,895 447,153
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 70,000 110,000
The LLP's bank borrowings are secured by fixed and floating charges over the present and future assets of the LLP.
Page 4