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REGISTERED NUMBER: OC400933 (England and Wales)











Unaudited Financial Statements for the Year Ended 31st July 2024

for

Merchants & Missionaries Racing LLP

Merchants & Missionaries Racing LLP (Registered number: OC400933)






Contents of the Financial Statements
for the Year Ended 31st July 2024




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Merchants & Missionaries Racing LLP

General Information
for the Year Ended 31st July 2024







DESIGNATED MEMBERS: A Tinkler
Nomad Services Limited





REGISTERED OFFICE: 13 Edmond Castle
Corby Hill
Carlisle
Cumbria
CA4 8QD





REGISTERED NUMBER: OC400933 (England and Wales)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Merchants & Missionaries Racing LLP (Registered number: OC400933)

Statement of Financial Position
31st July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,040 1,225

CURRENT ASSETS
Stocks 25,000 15,000
Debtors 5 396,270 336,074
Cash at bank 66,144 287,123
487,414 638,197
CREDITORS
Amounts falling due within one year 6 444,089 530,855
NET CURRENT ASSETS 43,325 107,342
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 44,365 108,567

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

44,365

108,567

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 44,365 108,567
Amounts due from members 5 (294,954 ) (230,752 )
(250,589 ) (122,185 )

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 31st July 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.

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 A Edmondson, as representative of the members of the LLP and authorised for issue on 17th January 2025 and were signed by:





Nomad Services Limited - Designated member

Merchants & Missionaries Racing LLP (Registered number: OC400933)

Notes to the Financial Statements
for the Year Ended 31st July 2024

1. STATUTORY INFORMATION

Merchants & Missionaries Racing LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEE INFORMATION

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

Merchants & Missionaries Racing LLP (Registered number: OC400933)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st August 2023
and 31st July 2024 1,992
DEPRECIATION
At 1st August 2023 767
Charge for year 185
At 31st July 2024 952
NET BOOK VALUE
At 31st July 2024 1,040
At 31st July 2023 1,225

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 10,395
Other debtors 396,270 325,679
396,270 336,074

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 86,766
Other creditors 444,089 444,089
444,089 530,855

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 44,365 108,567

Falling due within one year 44,365 108,567

Loans due to members rank pari-passu with Other Creditor Balances.