MGAP London LLP LLP accounts

REGISTERED NUMBER: OC403646

MGAP London LLP

Unaudited Financial Statements

31 March 2025

MGAP London LLP

Financial Statements

Year ended 31 March 2025

Contents	Page

Members' report	1

Statement of comprehensive income	2

Statement of financial position	3

Reconciliation of members' interests	5

Notes to the financial statements	7

MGAP London LLP

Members' Report

Year ended 31 March 2025

The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2025 .

Principal activities

The principal activity of the company during the year was the provision of legal services.

Designated members

The designated members who served the LLP during the year were as follows:

Mr S Grachev
Mrs V N Nassipova

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 21 October 2025 and signed on behalf of the members by:

Mr S Grachev	Mrs V N Nassipova
Designated Member	Designated Member

Registered office:

8 Devonshire Square

London

EC2M 4PL

MGAP London LLP

Statement of Comprehensive Income

Year ended 31 March 2025

		Period from
	Year to	1 Jan 23 to
	31 Mar 25	31 Mar 24
Note	£	£
Turnover	95,186	86,046

Cost of sales	1,835	( 9,750)
	--------	--------
Gross profit	93,351	95,796

Administrative expenses	( 74,394)	124,087
	---------	---------
Operating profit/(loss)	167,745	( 28,291)

	---------	---------
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members	167,745	(28,291)
	---------	---------

All the activities of the LLP are from continuing operations.

MGAP London LLP

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Investments	4	100	100

Current assets

Debtors	5	428,030	560,111
Cash at bank and in hand		50	4,552
		---------	---------
		428,080	564,663

Creditors: amounts falling due within one year	6	420,808	564,763
		---------	---------
Net current assets/(liabilities)		7,272	( 100)
		-------	----
Total assets less current liabilities		7,372	–
		-------	----
Net assets		7,372	–
		-------	----

Represented by:

Loans and other debts due to members

Other amounts	7	7,372	–
		-------	----

Members' other interests

Other reserves	–	–
	-------	----
	7,372	–
	-------	----

Total members' interests

Amounts due from members		(418,319)	(550,400)
Loans and other debts due to members	7	7,372	–
Members' other interests		–	–
		---------	---------
		(410,947)	(550,400)
		---------	---------

These financial statements have been prepared 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'.

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 .

MGAP London LLP

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 21 October 2025 , and are signed on their behalf by:

Mr S Grachev	Mrs V N Nassipova
Designated Member	Designated Member

Registered number: OC403646

MGAP London LLP

Reconciliation of Members' Interests

Year ended 31 March 2025

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves	Total	Other amounts	Total	Total 2025
	£	£	£	£	£
Amounts due to members			–	–
Amounts due from members			(550,400)	(550,400)
			---------	---------
Balance at 1 April 2024	–	–	(550,400)	(550,400)	(550,400)
Profit for the financial year available for discretionary division among members	167,745	167,745			167,745
	---------	---------	---------	---------	---------
Members' interests after profit for the year	167,745	167,745	(550,400)	(550,400)	(382,655)
Other division of profits	(167,745)	(167,745)	167,745	167,745	–
Drawings			(28,292)	(28,292)	(28,292)
			---------	---------
Amounts due to members			7,372	7,372
Amounts due from members			(418,319)	(418,319)
	---------	---------	---------	---------	---------
Balance at 31 March 2025	–	–	(410,947)	(410,947)	(410,947)
	---------	---------	---------	---------	---------

MGAP London LLP

Reconciliation of Members' Interests (continued)

Year ended 31 March 2025

	Members' other interests		Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Other reserves	Total	Other amounts	Total	Total 2024
	£	£	£	£	£
Amounts due to members			400	400
Amounts due from members			(522,509)	(522,509)
			---------	---------
Balance at 1 January 2023	–	–	(522,109)	(522,109)	(522,109)
Loss for the financial period available for discretionary division among members	(28,291)	(28,291)			(28,291)
	--------	--------	---------	---------	---------
Members' interests after loss for the period	(28,291)	(28,291)	(522,109)	(522,109)	(550,400)
Other division of profits	28,291	28,291	(28,291)	(28,291)	–
Drawings			–	–	–
			---------	---------
Amounts due to members			–	–
Amounts due from members			(550,400)	(550,400)
	--------	--------	---------	---------	---------
Balance at 31 March 2024	–	–	(550,400)	(550,400)	(550,400)
	--------	--------	---------	---------	---------

MGAP London 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 8 Devonshire Square, London, EC2M 4PL.

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 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for 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 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'.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and 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:

Fixtures and fittings	-	10% straight line
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Investments

	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	100
	----
Impairment
At 1 April 2024 and 31 March 2025	–
	----

Carrying amount
At 31 March 2025	100
	----
At 31 March 2024	100
	----

5.	Debtors

	2025	2024
	£	£
Trade debtors	–	( 96,975)
Other debtors	428,030	657,086
	---------	---------
	428,030	560,111
	---------	---------

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	74,555	74,555
Trade creditors	302,314	349,138
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest	37,350	40,506
Other creditors	6,589	100,564
	---------	---------
	420,808	564,763
	---------	---------

7.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	7,372	–
	-------	----

8.	Related party transactions

The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group.