Limited Liability Partnership registration number OC377697 (England and Wales)
MICHAEL ROE MOTOR ENGINEERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MICHAEL ROE MOTOR ENGINEERS LLP
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
MICHAEL ROE MOTOR ENGINEERS LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
172,051
92,258
Current assets
Stocks
650
650
Debtors
5
73,911
109,056
Cash at bank and in hand
34,579
62,919
109,140
172,625
Creditors: amounts falling due within one year
6
(66,965)
(65,404)
Net current assets
42,175
107,221
Total assets less current liabilities
214,226
199,479
Creditors: amounts falling due after more than one year
7
(3,500)
(7,000)
Net assets attributable to members
210,726
192,479
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
210,726
192,479

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial period ended 31 July 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 financial statements were approved by the members and authorised for issue on 9 January 2025 and are signed on their behalf by:
09 January 2025
Mr M Roe
Mr N L Roe
Designated Member
Designated Member
Limited Liability Partnership Registration No. OC377697
MICHAEL ROE MOTOR ENGINEERS LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
1
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.

2
Accounting policies
Limited liability partnership information

Michael Roe Motor Engineers LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 Bradley Way Becklands Park, Industrial Estate, York Road, Market Weighton, YO43 3GA.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

2.1
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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Reporting period

The accounting year end has been shortened, and the accounts show a period of 11 months to 31 July 2024.

2.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

2.4
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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

2.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
15% reducing balance
MICHAEL ROE MOTOR ENGINEERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

2.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

2.7
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.

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.

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.

2.8
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

MICHAEL ROE MOTOR ENGINEERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 4 -
3
Employees

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

2024
2023
Number
Number
Total
6
6
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
121,135
30,124
149,500
300,759
Additions
8,227
-
100,896
109,123
Disposals
(19,595)
(1,660)
(15,476)
(36,731)
At 31 July 2024
109,767
28,464
234,920
373,151
Depreciation and impairment
At 1 September 2023
104,441
25,430
78,630
208,501
Depreciation charged in the period
2,484
472
14,090
17,046
Eliminated in respect of disposals
(18,595)
(901)
(4,951)
(24,447)
At 31 July 2024
88,330
25,001
87,769
201,100
Carrying amount
At 31 July 2024
21,437
3,463
147,151
172,051
At 31 August 2023
16,694
4,694
70,870
92,258
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
65,224
102,664
Other debtors
8,687
6,392
73,911
109,056
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,000
4,000
Trade creditors
44,756
29,351
Taxation and social security
14,556
27,704
Other creditors
3,653
4,349
66,965
65,404
MICHAEL ROE MOTOR ENGINEERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
3,500
7,000
8
Loans and overdrafts
2024
2023
£
£
Bank loans
7,500
11,000
Payable within one year
4,000
4,000
Payable after one year
3,500
7,000

Under the Coronavirus Business Interruption Loan Scheme, the Secretary of State for Business, Energy and Industrial Strategy has agreed to provide the entity's bankers with a Partial Guarantee. The bank's ability to provide the bank loan is dependent upon the bank receiving the Partial Guarantee.

9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Related party transactions

The Limited Liability Partnership is controlled by the designated members as shown in the report to members.

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