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Miller Commercial LLP
Annual Report and Unaudited Financial Statements
Year Ended 31 March 2025

Registration number: OC373087

Miller Commercial LLP

Contents

Financial Statements | 1 to 9
Balance Sheet | 1
Notes to the Financial Statements | 3

Miller Commercial LLP

Balance Sheet

31 March 2025

| Note | 31 March 2025 £ | 31 March 2024 £
Fixed assets |  |  |
Intangible assets | 3 | 112,905 | 131,628
Tangible assets | 4 | 11,445 | 7,675
Investments | 5 | 261,618 | 261,618
|  | 385,968 | 400,921
Current assets |  |  |
Debtors | 6 | 102,120 | 95,399
Cash and short-term deposits |  | 71,846 | 103,849
|  | 173,966 | 199,248
Creditors: Amounts falling due within one year | 7 | (292,567) | (326,196)
Net current liabilities |  | (118,601) | (126,948)
Total assets less current liabilities |  | 267,367 | 273,973
Creditors: Amounts falling due after more than one year | 8 | (88,332) | (167,716)
Net assets attributable to members |  | 179,035 | 106,257
Represented by: |  |  |
Loans and other debts due to members |  |  |
Members' capital classified as a liability |  | 125,080 | 148,000
Other amounts |  | 53,955 | (41,743)
|  | 179,035 | 106,257
|  | 179,035 | 106,257
Total members' interests |  |  |
Loans and other debts due to members |  | 179,035 | 106,257
|  | 179,035 | 106,257

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

Miller Commercial LLP

Balance Sheet

31 March 2025

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary entities, as applied to limited liability partnerships.

These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and the option not to file a profit and loss account has been taken.

The financial statements of Miller Commercial LLP (registered number OC373087) were approved by the members and authorised for issue on 5 September 2025. They were signed on behalf of the limited liability partnership by:

......................................... M S Nightingale Designated member
......................................... B J Botting Designated member
......................................... G E Barton Designated member
......................................... T L Smith Designated member

Miller Commercial LLP

Notes to the Financial Statements

Year Ended 31 March 2025

1 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statment of Recommended Practice 'Accounting for Limited Partnerships' issued in January 2017.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Miller Commercial LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

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.

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.

Miller Commercial LLP

Notes to the Financial Statements

Year Ended 31 March 2025

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Amortisation method and rate
Goodwill | Straight line over 10 years
Website | Straight line over 3 to 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | 25% straight line
Motor vehicles | 25% straight line

Investments held as non current assets

Investments are stated at historical cost, subsequently measured annually or when evidence of impairment exists with any gain or diminution in value recognised through the profit or loss.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

Pensions and other post retirement obligations

The LLP operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Miller Commercial LLP

Notes to the Financial Statements

Year Ended 31 March 2025

Financial instruments

Recognition and Measurement

The LLP has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instruments and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments:
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2 | Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 16 (2024 - 16).

Miller Commercial LLP

Notes to the Financial Statements

Year Ended 31 March 2025

3 | Intangible fixed assets

| Goodwill £ | Website £ | Total £
Cost |  |  |
At 1 April 2024 | 180,000 | 17,345 | 197,345
Additions | - | 1,898 | 1,898
Disposals | - | (1,548) | (1,548)
At 31 March 2025 | 180,000 | 17,695 | 197,695
Amortisation |  |  |
At 1 April 2024 | 52,500 | 13,217 | 65,717
Charge for the year | 18,000 | 2,621 | 20,621
Eliminated on disposals | - | (1,548) | (1,548)
At 31 March 2025 | 70,500 | 14,290 | 84,790
Net book value |  |  |
At 31 March 2025 | 109,500 | 3,405 | 112,905
At 31 March 2024 | 127,500 | 4,128 | 131,628

4 | Tangible fixed assets

| Fixtures and fittings £ | Total £
Cost |  |
At 1 April 2024 | 283,266 | 283,266
Additions | 9,292 | 9,292
At 31 March 2025 | 292,558 | 292,558
Depreciation |  |
At 1 April 2024 | 275,591 | 275,591
Charge for the year | 5,522 | 5,522
At 31 March 2025 | 281,113 | 281,113
Net book value |  |
At 31 March 2025 | 11,445 | 11,445
At 31 March 2024 | 7,675 | 7,675

Miller Commercial LLP

Notes to the Financial Statements

Year Ended 31 March 2025

5 | Investments held as fixed assets

| 2025 £ | 2024 £
Other investments | 261,618 | 261,618

Other investments

| Unlisted investments £ | Total £
Cost |  |
At 1 April 2024 | 261,618 | 261,618
At 31 March 2025 | 261,618 | 261,618
Net book value |  |
At 31 March 2025 | 261,618 | 261,618
At 31 March 2024 | 261,618 | 261,618

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Country of incorporation | Holding | Proportion of voting rights and shares held | Principal activity

Subsidiary undertakings
Listers Property Consultants Limited | United Kingdom | Ordinary Shares | 100% | Property Consultants

6 | Debtors

| 31 March 2025 £ | 31 March 2024 £
Trade debtors | 41,846 | 87,373
Other debtors | 50,793 | 1,014
Prepayments and accrued income | 9,481 | 7,012
| 102,120 | 95,399

Miller Commercial LLP

Notes to the Financial Statements

Year Ended 31 March 2025

7 | Creditors: Amounts falling due within one year

| 31 March 2025 £ | 31 March 2024 £
Bank loans and overdrafts | 20,000 | 20,000
Trade creditors | 11,865 | 7,852
Taxation and social security | 29,467 | 66,994
Other creditors | 100,074 | 96,528
Accruals and deferred income | 131,161 | 134,822
| 292,567 | 326,196

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

| 2025 £ | 2024 £
Bank loan | 20,000 | 20,000

The loan is secured by an unlimited debenture dated 07/2021 from the LLP.

8 | Creditors: Amounts falling due after more than one year

| 2025 £ | 2024 £
Bank loans and overdrafts | 5,000 | 25,000
Other creditors | 83,332 | 142,716
| 88,332 | 167,716

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

| 2025 £ | 2024 £
Bank loan | 5,000 | 25,000

The loan is secured by an unlimited debenture dated 07/2021 from the LLP.

Miller Commercial LLP

Notes to the Financial Statements

Year Ended 31 March 2025

9 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £450 (2024 - £675).