| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| FOR |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| FOR |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP (REGISTERED NUMBER: OC300224) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP |
| GENERAL INFORMATION |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 17 Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HU |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP (REGISTERED NUMBER: OC300224) |
| BALANCE SHEET |
| 30TH SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| and |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
465,288 |
567,872 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
465,288 |
567,872 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 7 | 465,288 | 567,872 |
| 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. |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP (REGISTERED NUMBER: OC300224) |
| BALANCE SHEET - continued |
| 30TH SEPTEMBER 2024 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP (REGISTERED NUMBER: OC300224) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Michael Glover Limited Liability Partnership is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding value added tax. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed. |
| Turnover also includes appropriate amounts in respect of long-term work in progress as described below, to the extent that the outcome of these contracts can be assessed with reasonable certainty. |
| Turnover is not recognised where the right to receive payment is contingent on events outside the control of the LLP. Interim billings on account are otherwise not included. |
| Unbilled revenue is included in debtors as "Amounts recoverable on contracts". Amounts billed on account of work in progress are shown as a deduction from gross work in progress, to the extent that they are not recognised as revenue. Amounts billed on account in excess of the amounts recognised as revenue are included in creditors. |
| TANGIBLE FIXED ASSETS |
| Plant and equipment | - 20% on reducing balance |
| Fixtures and fittings | - 15-33% reducing balance |
| Motor vehicles | - 25% reducing balance |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| MEMBERS' REMUNERATION |
| Members' fixed share of profits and interest earned on members' balances are automatically allocated as an expense to the profit and loss account. The division of any remaining profit is allocated to the members on the date the financial statements are approved and is reported as 'Loans and other debts due to Members within one year'. |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP (REGISTERED NUMBER: OC300224) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet. |
| 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 Profit and Loss Account and are equity appropriations in the Balance Sheet. |
| 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 Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. |
| TAXATION |
| The taxation payable on the Limited Liability Partnership profits is the personal liability of the members therefore neither partnership taxation nor related deferred taxation are accounted for in the financial statements. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP (REGISTERED NUMBER: OC300224) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| equipment | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st October 2023 |
| and 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contracts |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to members in respect of profits | 465,288 | 567,872 |
| Falling due within one year | 465,288 | 567,872 |
| Loans and other debts due to members rank for payment after other creditors have been paid in full. |
| MICHAEL GLOVER LIMITED LIABILITY |
| PARTNERSHIP (REGISTERED NUMBER: OC300224) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 8. | RELATED PARTY DISCLOSURES |
| The Limited Liability Partnership was under the control of Mr and Mrs Glover throughout the period. |
| The Limited Liability Partnership has the use of Glebe House, a property owned by Mrs Glover. No rent is charged in respect of this. |
| During the year, commission charges amounting to £59,950 (2023 £49,723) were charged to the Limited Liability Partnership by Evesham Hortico Limited, a company in which Mr and Mrs Glover are directors. |
| A balance of £328,183 (2023: £261,531) was owed to Evesham Hortico Limited at the year end. |