Infield MS LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC381015

INFIELD MS LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

INFIELD MS LLP

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4		131,653	59,335

Current assets

Debtors	5	20,751	7,524
Cash at bank and in hand		20,148	13,854
		---------	---------
		40,899	21,378

Creditors: amounts falling due within one year	6	24,295		23,322
		---------		---------
Net current assets/(liabilities)			16,604	( 1,944)
			----------	---------
Total assets less current liabilities			148,257	57,391

Creditors: amounts falling due after more than one year	7	65,829	35,354
		----------	---------
Net assets		82,428	22,037
		----------	---------

Represented by:

Loans and other debts due to members

Other amounts	8	82,428	22,037
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	82,428	22,037
	---------	---------

Total members' interests

Loans and other debts due to members	8	82,428	22,037
Members' other interests		–	–
		---------	---------
		82,428	22,037
		---------	---------

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.

INFIELD MS LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

For the year ending 31 December 2024 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 .

These financial statements were approved by the members and authorised for issue on 26 September 2025 , and are signed on their behalf by:

Mrs T A Williams

Designated Member

Registered number: OC381015

INFIELD MS LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.

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 2018 (SORP 2018).

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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

No material uncertainties that may cast significant doubt about the ability of the LLP to continue as a going concern have been identified by the members. The members consider that the uncertainty caused in the LLP's industry as a result of coronavirus and the restrictions put in place by the government should not materially affect the LLP's ability to continue as a going concern. Reliance is placed on the members and the LLP's bankers. The LLP has taken advantage of the Bounce Back Loan scheme offered by the government as a result of the coronavirus pandemic.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements have had to be made by the members in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 statement of financial position.

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 statement of financial position.

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 statement of financial position 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 statement of financial position 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.

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:

Motor vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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. Debt instruments are subsequently measured at amortised cost.

4.	Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 January 2024	162,811	33,060	195,871
Additions	133,110	245	133,355
Disposals	( 97,822)	–	( 97,822)
	----------	---------	----------
At 31 December 2024	198,099	33,305	231,404
	----------	---------	----------
Depreciation
At 1 January 2024	110,210	26,326	136,536
Charge for the year	47,647	1,396	49,043
Disposals	( 85,828)	–	( 85,828)
	----------	---------	----------
At 31 December 2024	72,029	27,722	99,751
	----------	---------	----------
Carrying amount
At 31 December 2024	126,070	5,583	131,653
	----------	---------	----------
At 31 December 2023	52,601	6,734	59,335
	----------	---------	----------

5.	Debtors

	2024	2023
	£	£
Trade debtors	18,700	5,400
Other debtors	2,051	2,124
	---------	-------
	20,751	7,524
	---------	-------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	7,000	7,000
Trade creditors	244	73
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest	192	–
Social security and other taxes	1,947	8,679
Other creditors	14,912	7,570
	---------	---------
	24,295	23,322
	---------	---------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	4,083	11,083
Other creditors	61,746	24,271
	---------	---------
	65,829	35,354
	---------	---------

8.	Loans and other debts due to members

	2024	2023
	£	£
Amounts owed to members in respect of profits	82,428	22,037
	---------	---------

9.	Related party transactions

Mr & Mrs J Williams are the controlling parties as defined by FRS 102.