Paul Mathew Storage LLP
Annual report and unaudited financial statements
For the year ended 31 December 2024
OC301420 (England and Wales)
Pages for filing with Registrar
Paul Mathew Storage LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Paul Mathew Storage LLP
Balance sheet
As at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
4,877,661
3,499,179
Current assets
Debtors
3
2,873
3,672
Cash at bank and in hand
349,841
105,857
352,714
109,529
Creditors: amounts falling due within one year
4
(200,213)
(190,380)
Net current assets/(liabilities)
152,501
(80,851)
Total assets less current liabilities
5,030,162
3,418,328
Creditors: amounts falling due after more than one year
5
(782,100)
(848,759)
Net assets attributable to members
4,248,062
2,569,569
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
3,727,062
2,048,569
Members' other interests
Members' capital classified as equity
521,000
521,000
4,248,062
2,569,569
Total members' interests
Loans and other debts due to members
3,727,062
2,048,569
Members' other interests
521,000
521,000
4,248,062
2,569,569

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

Paul Mathew Storage LLP
Balance sheet (continued)
As at 31 December 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 17 April 2025 and are signed on their behalf by:
17 April 2025
Mr P R Mathew
Mrs P M Mathew
Designated member
Designated Member
Limited Liability Partnership Registration No. OC301420
Paul Mathew Storage LLP
Notes to the financial statements
For the year ended 31 December 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Paul Mathew Storage LLP is a limited liability partnership incorporated in England and Wales. The registered office is Q House, Southern Cross Trading Estate, Steyning Way, Bognor Regis, West Sussex, PO22 9SB.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Paul Mathew Storage LLP
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(continued)
- 4 -
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
No provision
Plant & machinery
25% reducing balance
Fixtures, fittings & computer equipment
15 - 33.33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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 extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Paul Mathew Storage LLP
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(continued)
- 5 -
1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Paul Mathew Storage LLP
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 6 -
2
Tangible fixed assets
Land and buildings Freehold
Plant & machinery
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
3,401,767
-
17,474
188,561
3,607,802
Additions
1,311,316
26,069
-
92,781
1,430,166
Disposals
-
-
-
(61,472)
(61,472)
At 31 December 2024
4,713,083
26,069
17,474
219,870
4,976,496
Depreciation and impairment
At 1 January 2024
-
-
17,474
91,149
108,623
Depreciation charged in the year
-
3,259
-
42,100
45,359
Eliminated in respect of disposals
-
-
-
(55,147)
(55,147)
At 31 December 2024
-
3,259
17,474
78,102
98,835
Carrying amount
At 31 December 2024
4,713,083
22,810
-
141,768
4,877,661
At 31 December 2023
3,401,767
-
-
97,412
3,499,179
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,873
3,672
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
66,429
61,603
Trade creditors
542
542
Other taxation and social security
9,518
14,127
Other creditors
123,724
114,108
200,213
190,380
Paul Mathew Storage LLP
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 7 -
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
782,100
848,759
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
462,857
551,854

The long-term loans are secured by fixed charges over the freehold property.

 

6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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