REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
McMahon Retail LLP |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
McMahon Retail LLP |
McMahon Retail LLP (Registered number: SO304381) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
McMahon Retail LLP |
General Information |
for the Year Ended 30 September 2024 |
DESIGNATED MEMBERS: | Miss J McMahon |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
KA9 2PB |
McMahon Retail LLP (Registered number: SO304381) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
99,258 |
99,258 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
4,258 |
4,258 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 95,000 | 95,000 |
99,258 | 99,258 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 4,258 | 4,258 |
Members' other interests | 95,000 | 95,000 |
99,258 | 99,258 |
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. |
McMahon Retail LLP (Registered number: SO304381) |
Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
McMahon Retail LLP (Registered number: SO304381) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
McMahon Retail LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
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 as adjusted for certain items at fair value. |
Going concern |
The accounts have been prepared on a going concern basis as the Partners' continue to seek a buyer for the remaining freehold land held on the balance sheet. The partnership's activities will continue to be supported by the partners in the form of members capital and loan capital. In addition there is no reliance on bank borrowings. |
Tangible fixed assets |
Freehold land & premises | - |
Tangible fixed assets are stated at cost less depreciation. |
Investment Property |
The Partnership early adopted the amendments to FRS 102 Triennial review 2017: Incremental improvements and clarifications, published by the Financial Reporting Council in December 2017, in respect of the accounting treatment for Investment Properties. The fair value carried forward was based on the current market information available to the Partners. |
Impairment of fixed assets |
At each reporting date, the company reviews the carrying amounts of its tangible and fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Taxation |
No provision is made in the accounts in respect of tax due by the individual partners on their profit share. Tax paid by the Limited Liability Partnership to satisfy partners tax liabilities is charged to their respective current account balances when paid. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
McMahon Retail LLP (Registered number: SO304381) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
land & |
premises |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Included in valuation of land and buildings is freehold land of £100,000 (2021 - £100,000) which is not |
depreciated. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 4,258 | 4,258 |
Falling due within one year | 4,258 | 4,258 |
Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity), rank after unsecured creditors |
8. | ULTIMATE CONTROLLING PARTY |
The Limited Liability Partnership is under the control of Mr and Mrs H P McMahon. |