6 false false false false false false false false false false false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 72,718 58,176 7,272 65,448 7,270 14,542 xbrli:pure xbrli:shares iso4217:GBP OC327477 2023-05-01 2024-03-31 OC327477 2024-03-31 OC327477 2023-04-30 OC327477 2022-05-01 2023-04-30 OC327477 2023-04-30 OC327477 2022-04-30 OC327477 core:FurnitureFittings 2023-05-01 2024-03-31 OC327477 core:MotorVehicles 2023-05-01 2024-03-31 OC327477 core:NetGoodwill 2023-05-01 2024-03-31 OC327477 bus:Director1 2023-05-01 2024-03-31 OC327477 bus:Director2 2023-05-01 2024-03-31 OC327477 core:NetGoodwill 2023-04-30 OC327477 core:NetGoodwill 2024-03-31 OC327477 core:FurnitureFittings 2023-04-30 OC327477 core:MotorVehicles 2023-04-30 OC327477 core:FurnitureFittings 2024-03-31 OC327477 core:MotorVehicles 2024-03-31 OC327477 core:WithinOneYear 2024-03-31 OC327477 core:WithinOneYear 2023-04-30 OC327477 core:NetGoodwill 2023-04-30 OC327477 core:FurnitureFittings 2023-04-30 OC327477 core:MotorVehicles 2023-04-30 OC327477 bus:SmallEntities 2023-05-01 2024-03-31 OC327477 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 OC327477 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-03-31 OC327477 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC327477 bus:FullAccounts 2023-05-01 2024-03-31 OC327477 core:ComputerEquipment 2023-05-01 2024-03-31 OC327477 core:ComputerEquipment 2023-04-30 OC327477 core:ComputerEquipment 2024-03-31
REGISTERED NUMBER: OC327477
MPR Solicitors LLP
Filleted Unaudited Financial Statements
31 March 2024
MPR Solicitors LLP
Financial Statements
Period from 1 May 2023 to 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
MPR Solicitors LLP
Statement of Financial Position
31 March 2024
31 Mar 24
30 Apr 23
Note
£
£
Fixed assets
Intangible assets
5
7,270
14,542
Tangible assets
6
55,575
79,338
--------
--------
62,845
93,880
Current assets
Debtors
7
268,700
314,989
Cash at bank and in hand
656,454
349,719
---------
---------
925,154
664,708
Creditors: amounts falling due within one year
8
461,295
331,984
---------
---------
Net current assets
463,859
332,724
---------
---------
Total assets less current liabilities
526,704
426,604
---------
---------
Net assets
526,704
426,604
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
526,704
426,604
---------
---------
Members' other interests
Other reserves
---------
---------
526,704
426,604
---------
---------
Total members' interests
Loans and other debts due to members
9
526,704
426,604
Members' other interests
---------
---------
526,704
426,604
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period 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) relating to small LLPs.
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 financial statements .
MPR Solicitors LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 17 January 2025 , and are signed on their behalf by:
S Parikh
A Al-Yunusi
Designated Member
Designated Member
Registered number: OC327477
MPR Solicitors LLP
Notes to the Financial Statements
Period from 1 May 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 8 Red Lion Court, Alexandra Court, Hounslow, Middlesex, TW3 1JS, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line basis over its useful economic life of 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
50% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 6 (2023: 6 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 31 March 2024
72,718
--------
Amortisation
At 1 May 2023
58,176
Charge for the period
7,272
--------
At 31 March 2024
65,448
--------
Carrying amount
At 31 March 2024
7,270
--------
At 30 April 2023
14,542
--------
6.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
80,084
188,677
23,962
292,723
Additions
452
452
Disposals
( 18,000)
( 18,000)
--------
---------
--------
---------
At 31 March 2024
80,536
170,677
23,962
275,175
--------
---------
--------
---------
Depreciation
At 1 May 2023
71,446
117,978
23,961
213,385
Charge for the period
2,269
16,251
18,520
Disposals
( 12,305)
( 12,305)
--------
---------
--------
---------
At 31 March 2024
73,715
121,924
23,961
219,600
--------
---------
--------
---------
Carrying amount
At 31 March 2024
6,821
48,753
1
55,575
--------
---------
--------
---------
At 30 April 2023
8,638
70,699
1
79,338
--------
---------
--------
---------
7.
Debtors
31 Mar 24
30 Apr 23
£
£
Trade debtors
92,730
104,178
Other debtors
175,970
210,811
---------
---------
268,700
314,989
---------
---------
8. Creditors: amounts falling due within one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
22,417
31,986
Trade creditors
412,108
283,034
Social security and other taxes
12,753
4,176
Other creditors - desc in a/cs
5,488
Other creditors
14,017
7,300
---------
---------
461,295
331,984
---------
---------
9.
Loans and other debts due to members
31 Mar 24
30 Apr 23
£
£
Amounts owed to members in respect of profits
526,704
426,604
---------
---------