Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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41,857 | 47,950 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 11,457 | 15,960 | ||
Total assets less current liabilities | 11,457 | 15,960 | ||
Creditors: amounts falling due after more than one year | 5 | (
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(
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 9,957 | 13,260 | ||
9,957 | 13,260 | |||
Members' other interests | ||||
0 | 0 | |||
9,957 | 13,260 | |||
Total members' interests | ||||
Loans and other debts due to members | 8 | 9,957 | 13,260 | |
9,957 | 13,260 |
Metaverse Traders 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.
Members' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Metaverse Traders LLP (registered number:
M P Jacobs
Designated member |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
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Other amounts | Total | |
£ | £ | |
Amounts due to members | 19,094 | |
Balance at 01 April 2022 | 19,094 | 19,094 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | (5,834) | (5,834) |
Members' interest after result for the financial year | 13,260 | 13,260 |
Amounts due to members | 13,260 | |
Balance at 31 March 2023 | 13,260 | 13,260 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | (3,303) | (3,303) |
Members' interest after result for the financial year | 9,957 | 9,957 |
Amounts due to members | 9,957 | |
Balance at 31 March 2024 | 9,957 | 9,957 |
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.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Metaverse Traders LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom. The LLP has ceased trading.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2021).
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The members do not consider the LLP to be a going concern because the LLP is no longer trading and they have therefore prepared the financial statements on a basis other than going concern. There has been no financial impairment of the LLP's assets as a result of this basis of valuation.
The LLP made a loss for the year ended 31 March 2024 of £3,303 and as at this date had net assets of £9,957. The LLP is dependent on the support of its members and they have confirmed that they will continue to provide this support to enable the LLP to pay expenses and to meet liabilities as they fall due.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
Financial assets
Basic financial assets, including other debtors and amounts due by related parties and members, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and amounts owed to related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Accruals |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Included within debtors is an amount of £39,178 (2023: £39,178) owed by an entity controlled by designated members. This amount is interest free, unsecured and repayable on demand.
Analysis of the maturity of bank loans is given below:
2024 | 2023 | ||
£ | £ | ||
Amounts falling due within one year | 1,200 | 1,200 | |
Amounts falling due 1-2 years | 1,500 | 2,700 | |
Amounts falling due 2-5 years | 0 | 0 | |
2,700 | 3,900 |
2024 | 2023 | ||
£ | £ | ||
Other amounts due to members | 9,957 | 13,260 |
Loans and other debts due to members may be further analysed as follows:
2024 | 2023 | ||
£ | £ | ||
Falling due within one year | 9,957 | 13,260 |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.