Registered number
OC398436
MCQUEENS SOLICITORS LLP
Filleted Accounts
28 February 2024
MCQUEENS SOLICITORS LLP
Registered number: OC398436
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 39,525 46,500
Current assets
Stocks 35,594 45,594
Debtors 4 44,130 50,496
Cash at bank and in hand 12,801 335
92,525 96,425
Creditors: amounts falling due within one year 5 (142,859) (157,896)
Net current liabilities (50,334) (61,471)
Total assets less current liabilities (10,809) (14,971)
Creditors: amounts falling due after more than one year 6 (54,713) (51,336)
Net liabilities attributable to members (65,522) (66,307)
Represented by:
Loans and other debts due to members 7 (150,558) (193,797)
Members' other interests
Other reserves 85,036 127,490
(65,522) (66,307)
Total members' interests
Loans and other debts due to members 7 (150,558) (193,797)
Members' other interests 85,036 127,490
(65,522) (66,307)
For the year ended 28 February 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to 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.
The 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.
These accounts were approved by the members on 22 January 2025 and signed on their behalf by:
Emmanuel Amadi
Designated member
MCQUEENS SOLICITORS LLP
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
Basis of preparation
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.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 4,637 59,794 64,431
At 28 February 2024 4,637 59,794 64,431
Depreciation
At 1 March 2023 (755) 18,686 17,931
Charge for the year 809 6,166 6,975
At 28 February 2024 54 24,852 24,906
Net book value
At 28 February 2024 4,583 34,942 39,525
At 28 February 2023 5,392 41,108 46,500
4 Debtors 2024 2023
£ £
Trade debtors 41,752 48,118
Other debtors 2,378 2,378
44,130 50,496
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31 28,128
Trade creditors 46,973 51,173
Other taxes and social security costs 84,967 74,791
Other creditors 10,888 3,804
142,859 157,896
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 49,647 12,410
Obligations under finance lease and hire purchase contracts 5,066 38,926
54,713 51,336
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits (150,558) (193,797)
Amounts falling due within one year (150,558) (193,797)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
MCQUEENS SOLICITORS LLP is a limited liability partnership incorporated in England. Its registered office is:
236 High Street
Bromley
Kent
BR1 IPQ
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