REGISTERED NUMBER: |
MEGASLICE LLP |
MEMBERS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
REGISTERED NUMBER: |
MEGASLICE LLP |
MEMBERS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Members' Report | 1 |
Income Statement | 2 |
Balance Sheet | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 9 |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
MEMBERS' REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 July 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the limited liability partnership is Information technology consultancy activities |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £31,714 (2023 - £91,338 loss). |
MEMBERS' INTERESTS |
Amounts due to members after more than one year comprise provisions for annuities to current members and |
certain loans from members which are not repayable within twelve months of the balance sheet date. |
ON BEHALF OF THE MEMBERS: |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(31,714 |
) |
(91,338 |
) |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(31,714 |
) |
(91,338 |
) |
Members' remuneration charged as an expense |
6 |
31,714 |
91,338 |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 28,956 | 44,813 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
28,956 |
44,813 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 28,956 | 44,813 |
Amounts due from members | 8 | (75,110 | ) | (27,721 | ) |
(46,154 | ) | 17,092 |
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. |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
BALANCE SHEET - continued |
31 JULY 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Megaslice LLP is registered in England and Wales. The LLP's registered number and registered office address are as below: |
Registered number: |
Registered office: |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. |
Revenue recognition |
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in |
exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Classification |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally |
enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Recognition and Measurement |
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the |
effective interest method: |
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; |
or (iii) a combination of a positive or a negative fixed rate and a positive variable rate. |
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be |
linked to a single relevant observable index of general price inflation of the currency in which the debt |
instrument is denominated, provided such links are not leveraged. |
(c) The contract may provide for a determinable variation of the return to the holder during the life of the |
instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future |
events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a). |
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or |
any interest attributable to the current period or prior periods. |
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. |
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return |
to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c). |
Debt instruments that are classified as payable or receivable within one year on initial recognition and which |
meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
With the exception of some hedging instruments, other debt instruments not meeting these conditions are |
measured at fair value through profit or loss. |
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | ACCOUNTING POLICIES - continued |
(which may be nil) less impairment. |
Impairment of financial assets |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the |
financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all |
of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Current versus non-current classification |
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. |
In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment. |
Fair value measurement |
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | ACCOUNTING POLICIES - continued |
Members' remuneration and division of profits |
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected |
through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members. |
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet. |
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members. |
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
6. | INFORMATION IN RELATION TO MEMBERS |
2024 | 2023 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of loss | (31,714 | ) | (91,338 | ) |
MEGASLICE LLP (REGISTERED NUMBER: OC428276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
7. | TANGIBLE FIXED ASSETS |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 28,956 | 44,813 |
Falling due within one year | 28,956 | 44,813 |