14 false false false false false false false false false false false false false false false false false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP OC378839 2024-04-01 2025-03-31 OC378839 2025-03-31 OC378839 2024-03-31 OC378839 2023-05-01 2024-03-31 OC378839 2024-03-31 OC378839 2023-04-30 OC378839 core:LandBuildings core:ShortLeaseholdAssets 2024-04-01 2025-03-31 OC378839 core:MotorVehicles 2024-04-01 2025-03-31 OC378839 bus:Director2 2024-04-01 2025-03-31 OC378839 bus:Director3 2024-04-01 2025-03-31 OC378839 core:LandBuildings 2024-03-31 OC378839 core:MotorVehicles 2024-03-31 OC378839 core:LandBuildings 2025-03-31 OC378839 core:MotorVehicles 2025-03-31 OC378839 core:WithinOneYear 2025-03-31 OC378839 core:WithinOneYear 2024-03-31 OC378839 core:AfterOneYear 2025-03-31 OC378839 core:AfterOneYear 2024-03-31 OC378839 core:MotorVehicles 2024-03-31 OC378839 bus:Director1 2024-04-01 2025-03-31 OC378839 bus:SmallEntities 2024-04-01 2025-03-31 OC378839 bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 OC378839 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 OC378839 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC378839 bus:FullAccounts 2024-04-01 2025-03-31 OC378839 core:OfficeEquipment 2024-03-31 OC378839 core:OfficeEquipment 2024-04-01 2025-03-31 OC378839 core:OfficeEquipment 2025-03-31
REGISTERED NUMBER: OC378839
Miller Davies LLP
Filleted Unaudited Financial Statements
31 March 2025
Miller Davies LLP
Balance Sheet
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
5
7,138
15,988
Current assets
Debtors
6
246,603
298,442
Cash at bank and in hand
188,967
122,348
---------
---------
435,570
420,790
Creditors: amounts falling due within one year
7
391,296
422,562
---------
---------
Net current assets/(liabilities)
44,274
( 1,772)
--------
--------
Total assets less current liabilities
51,412
14,216
Creditors: amounts falling due after more than one year
8
2,896
14,216
--------
--------
Net assets
48,516
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
10
48,516
--------
----
Members' other interests
Other reserves
--------
----
48,516
--------
----
Total members' interests
Amounts due from members
(14,825)
(31,348)
Loans and other debts due to members
10
48,516
Members' other interests
--------
--------
33,691
(31,348)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2025 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Miller Davies LLP
Balance Sheet (continued)
31 March 2025
These financial statements were approved by the members and authorised for issue on 21 July 2025 , and are signed on their behalf by:
Mr R J Bedford
Mr I M Cole
Designated Member
Designated Member
Registered number: OC378839
Miller Davies LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for professional services rendered, stated net of discounts and of Value Added Tax.
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 statement of comprehensive income 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 statement of comprehensive income 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 statement of comprehensive income 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'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Air conditioning units
-
20% straight line
Motor vehicles
-
25% straight line
Office equipment
-
33% to 50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 14 (2024: 10 ).
5.
Tangible assets
Air conditioning
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 April 2024
13,600
43,248
69,912
126,760
Additions
6,658
6,658
Disposals
( 32,450)
( 6,545)
( 38,995)
--------
--------
--------
---------
At 31 March 2025
13,600
10,798
70,025
94,423
--------
--------
--------
---------
Depreciation
At 1 April 2024
13,600
29,737
67,435
110,772
Charge for the year
2,700
4,696
7,396
Disposals
( 24,338)
( 6,545)
( 30,883)
--------
--------
--------
---------
At 31 March 2025
13,600
8,099
65,586
87,285
--------
--------
--------
---------
Carrying amount
At 31 March 2025
2,699
4,439
7,138
--------
--------
--------
---------
At 31 March 2024
13,511
2,477
15,988
--------
--------
--------
---------
6.
Debtors
2025
2024
£
£
Trade debtors
231,778
267,094
Other debtors
14,825
31,348
---------
---------
246,603
298,442
---------
---------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,184
9,049
Trade creditors
86,107
81,271
Social security and other taxes
134,666
112,188
Other creditors
160,339
220,054
---------
---------
391,296
422,562
---------
---------
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,896
14,216
-------
--------
9.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
2025
2024
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
420,745
389,432
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
259,528
324,590
---------
---------
10.
Loans and other debts due to members
2025
2024
£
£
Amounts owed to members in respect of profits
48,516
--------
----