Madox Square LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC392883

Madox Square LLP

Filleted Unaudited Financial Statements

5 April 2025

Madox Square LLP

Statement of Financial Position

5 April 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	4		28,188	–

Current assets

Debtors	5	–	10,862
Cash at bank and in hand		4,308	864
		------	-------
		4,308	11,726

Prepayments and accrued income	759		–

Creditors: amounts falling due within one year	6	4,135		2,289
		------		-------
Net current assets			932	9,437
			-------	------
Total assets less current liabilities			29,120	9,437

Creditors: amounts falling due after more than one year	7	7,640	9,437
		-------	------
Net assets		21,480	–
		-------	------

Represented by:

Loans and other debts due to members

Other amounts	8	21,480	–
		-------	----

Members' other interests

Other reserves	–	–
	-------	----
	21,480	–
	-------	----

Total members' interests

Amounts due from members		–	(10,862)
Loans and other debts due to members	8	21,480	–
Members' other interests		–	–
		-------	-------
		21,480	(10,862)
		-------	-------

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 income statement has not been delivered.

For the year ending 5 April 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 .

Madox Square LLP

Statement of Financial Position (continued)

5 April 2025

These financial statements were approved by the members and authorised for issue on 17 November 2025 , and are signed on their behalf by:

P.A. Bennett

Designated Member

Registered number: OC392883

Madox Square LLP

Notes to the Financial Statements

Year ended 5 April 2025

1.	General information

The LLP is registered and trading in England and Wales with the company number OC392883 . The address of the registered office is 8 Jury Street, Warwick, Warwickshire CV34 4EW. The LLP trades from 4 Orchard Row, Icomb, Cheltenham, GL54 1JB.

2.	Statement of compliance

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and Companies Act 2006.

3.	Accounting policies

Basis of preparation

The financial statements have been prepare on 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 LLP and rounded to the nearest £.

Judgements and key sources of estimation uncertainty

In preparing these financial statements the members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

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 income statement 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 income statement 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 income statement 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. 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:

Motor Vehicles	-	33% reducing balance
Office Equipment	-	25% 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. 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.

Financial instruments

The LLP only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

4.	Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 6 April 2024	–	–	–
Additions	29,500	3,940	33,440
	-------	------	-------
At 5 April 2025	29,500	3,940	33,440
	-------	------	-------
Depreciation
At 6 April 2024	–	–	–
Charge for the year	4,917	335	5,252
	-------	------	-------
At 5 April 2025	4,917	335	5,252
	-------	------	-------
Carrying amount
At 5 April 2025	24,583	3,605	28,188
	-------	------	-------
At 5 April 2024	–	–	–
	-------	------	-------

5.	Debtors

	2025	2024
	£	£
Other debtors	–	10,862
	----	-------

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	1,797	1,798
Other creditors	2,338	491
	------	------
	4,135	2,289
	------	------

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

	2025	2024
	£	£
Bank loans and overdrafts	7,640	9,437
	------	------

8.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	21,480	–
	-------	----

9.	Related party transactions

The company was under the control of P.A. Bennett , S. Bennett, D. Bennett and B. Bennett during the current period.