Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3025false2023-05-01falseNo description of principal activity24falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC335406 2023-05-01 2024-04-30 OC335406 2022-05-01 2023-04-30 OC335406 2024-04-30 OC335406 2023-04-30 OC335406 c:PlantMachinery 2023-05-01 2024-04-30 OC335406 c:PlantMachinery 2024-04-30 OC335406 c:PlantMachinery 2023-04-30 OC335406 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 OC335406 c:ComputerEquipment 2023-05-01 2024-04-30 OC335406 c:ComputerEquipment 2024-04-30 OC335406 c:ComputerEquipment 2023-04-30 OC335406 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 OC335406 c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 OC335406 c:Goodwill 2024-04-30 OC335406 c:Goodwill 2023-04-30 OC335406 c:CurrentFinancialInstruments 2024-04-30 OC335406 c:CurrentFinancialInstruments 2023-04-30 OC335406 c:Non-currentFinancialInstruments 2024-04-30 OC335406 c:Non-currentFinancialInstruments 2023-04-30 OC335406 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 OC335406 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC335406 c:Non-currentFinancialInstruments c:AfterOneYear 2024-04-30 OC335406 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 OC335406 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-04-30 OC335406 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-04-30 OC335406 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-04-30 OC335406 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-04-30 OC335406 d:FRS102 2023-05-01 2024-04-30 OC335406 d:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 OC335406 d:FullAccounts 2023-05-01 2024-04-30 OC335406 d:LimitedLiabilityPartnershipLLP 2023-05-01 2024-04-30 OC335406 c:WithinOneYear 2024-04-30 OC335406 c:WithinOneYear 2023-04-30 OC335406 c:BetweenOneFiveYears 2024-04-30 OC335406 c:BetweenOneFiveYears 2023-04-30 OC335406 c:MoreThanFiveYears 2024-04-30 OC335406 c:MoreThanFiveYears 2023-04-30 OC335406 2 2023-05-01 2024-04-30 OC335406 c:Goodwill c:OwnedIntangibleAssets 2023-05-01 2024-04-30 OC335406 d:PartnerLLP1 2023-05-01 2024-04-30 OC335406 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Registered number: OC335406









MILLS CHODY LLP

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
MILLS CHODY LLP
REGISTERED NUMBER: OC335406

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
30,858
46,286

Tangible fixed assets
  
8,659
12,764

  
39,517
59,050

Current assets
  

Debtors: amounts falling due within one year
 6 
662,472
645,381

Cash at bank and in hand
 7 
574,890
541,825

  
1,237,362
1,187,206

Creditors: Amounts Falling Due Within One Year
 8 
(151,197)
(161,471)

Net current assets
  
 
 
1,086,165
 
 
1,025,735

Creditors: amounts falling due after more than one year
 9 
(12,194)
(22,313)

Net assets
  
1,113,488
1,062,472


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 11 
1,113,488
1,062,472


Total members' interests
  

Loans and other debts due to members
 11 
1,113,488
1,062,472


Page 1

 
MILLS CHODY LLP
REGISTERED NUMBER: OC335406

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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.

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 by: 




D J Ford
Designated member

Date: 17 January 2025

The notes on pages 4 to 11 form part of these financial statements.

Mills Chody 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

 
MILLS CHODY LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Profit for the year available for discretionary division among members
 
895,287
895,287
-
-
895,287

Members' interests after profit for the year
895,287
895,287
920,164
920,164
1,815,451

Other division of profits
(895,287)
(895,287)
895,287
895,287
-

Drawings on account and distribution of profit
-
-
(692,980)
(692,980)
(692,980)

Reclassification
-
-
(60,000)
(60,000)
(60,000)

Amounts due to members
1,062,472
1,062,472

Balance at 30 April 2023
-
-
1,062,472
1,062,472
1,062,472

Profit for the year available for discretionary division among members
 
997,501
997,501
-
-
997,501

Members' interests after profit for the year
997,501
997,501
1,062,472
1,062,472
2,059,973

Other division of profits
(997,501)
(997,501)
997,501
997,501
-

Drawings on account and distribution of profit
-
-
(836,484)
(836,484)
(836,484)

Repayment of capital
-
-
(110,000)
(110,000)
(110,000)

Amounts due to members
1,113,488
1,113,488

Balance at 30 April 2024 
-
-
1,113,488
1,113,488
1,113,488

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
MILLS CHODY LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Mills Chody LLP is a Limited Liability Partnership incorporated in England and Wales, within the United Kingdom. The registered LLP number is OC335406 and the LLP's registered office and trading address is 226-228 Kenton Road, Harrow, Middlesex, HA3 8BZ. Mills Chody LLP does not form part of a group.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Amounts recoverable on contracts are valued at cost including overhead expenses plus that proportion of attributable profits, estimated to be earned to date on the stage of completion, less provision for any known or anticipated losses and payments on account.

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

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

Page 4

 
MILLS CHODY LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

  
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

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 5

 
MILLS CHODY LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.


 
Page 6

 
MILLS CHODY LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 7

 
MILLS CHODY LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 24).


4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
154,282



At 30 April 2024

154,282



Amortisation


At 1 May 2023
107,996


Charge for the year on owned assets
15,428



At 30 April 2024

123,424



Net book value



At 30 April 2024
30,858



At 30 April 2023
46,286



Page 8

 
MILLS CHODY LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost


At 1 May 2023
17,057
29,073
46,130


Additions
-
2,377
2,377


Disposals
(216)
-
(216)



At 30 April 2024

16,841
31,450
48,291



Depreciation


At 1 May 2023
15,128
18,238
33,366


Charge for the year on owned assets
660
5,674
6,334


Disposals
(68)
-
(68)



At 30 April 2024

15,720
23,912
39,632



Net book value



At 30 April 2024
1,121
7,538
8,659



At 30 April 2023
1,929
10,835
12,764


6.


Debtors

2024
2023
£
£


Trade debtors
253,465
274,987

Other debtors
7,387
1,622

Prepayments and accrued income
85,212
80,905

Amounts recoverable on long-term contracts
316,408
287,867

662,472
645,381



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
574,890
541,825


Page 9

 
MILLS CHODY LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
10,119
9,821

Trade creditors
2,828
417

Other taxation and social security
123,100
136,491

Other creditors
5,270
4,163

Accruals and deferred income
9,880
10,579

151,197
161,471



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
12,194
22,313



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
10,119
9,821

Amounts falling due 1-2 years

Other loans
10,426
10,119

Amounts falling due 2-5 years

Other loans
1,768
12,194


22,313
32,134


Page 10

 
MILLS CHODY LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,113,488
1,062,472

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
1,113,488
1,062,472

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


12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held serparately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £17,531 (2023- £17,966). Contributions totalling £5,270 (2023 - £4,163) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 30 April 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
89,938
128,750

Later than 1 year and not later than 5 years
205,042
277,479

Later than 5 years
52,500
70,000

347,480
476,229


Page 11