REGISTERED NUMBER:
OC386386
|
MINERVA (SHEPHERD TUCKER) LLP |
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
MINERVA (SHEPHERD TUCKER) LLP |
|
31 March 2026
Fixed assets
|
Tangible assets |
5 |
48,798 |
54,481 |
|
|
|
|
Current assets
|
Debtors |
6 |
268,405 |
225,058 |
|
Cash at bank and in hand |
513 |
46,925 |
|
-------- |
-------- |
|
268,918 |
271,983 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
317,716) |
(
326,464) |
|
-------- |
-------- |
|
Net current liabilities |
(
48,798) |
(
54,481) |
|
------- |
------- |
|
Total assets less current liabilities |
– |
– |
|
|
|
|
Represented by:
Loans and other debts due to members
|
Other amounts |
– |
– |
|
---- |
---- |
|
|
|
Members' other interests
|
Other reserves |
– |
– |
|
---- |
---- |
|
– |
– |
|
---- |
---- |
|
|
|
Total members' interests
|
Amounts due from members |
(56,895) |
(60,467) |
|
Loans and other debts due to members |
– |
– |
|
Members' other interests |
– |
– |
|
------- |
------- |
|
(56,895) |
(60,467) |
|
------- |
------- |
|
|
|
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 2026 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
29 July 2026
, and are signed on their behalf by:
|
B Tucker |
|
Designated Member |
|
Registered number:
OC386386
|
MINERVA (SHEPHERD TUCKER) LLP |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2026
The LLP is registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Buckinghamshire, HP18 0RA.
|
2. |
Statement of compliance |
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|
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).
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Services provided to clients, which at the balance sheet date have not been billed to clients, have been recognised as turnover. Unbilled revenue is included in debtors.
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'.
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.
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:
|
Leasehold property |
- |
33% straight line |
|
Equipment |
- |
33% 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.
Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Financial assets comprise of debtors and cash. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, including trade and other payables that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities comprise of creditors. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
12
(2025:
14
).
|
Land and buildings |
Equipment |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 April 2025 and 31 March 2026 |
93,632 |
146,302 |
239,934 |
|
------- |
-------- |
-------- |
|
Depreciation |
|
|
|
|
At 1 April 2025 |
93,632 |
91,821 |
185,453 |
|
Charge for the year |
– |
5,683 |
5,683 |
|
------- |
-------- |
-------- |
|
At 31 March 2026 |
93,632 |
97,504 |
191,136 |
|
------- |
-------- |
-------- |
|
Carrying amount |
|
|
|
|
At 31 March 2026 |
– |
48,798 |
48,798 |
|
------- |
-------- |
-------- |
|
At 31 March 2025 |
– |
54,481 |
54,481 |
|
------- |
-------- |
-------- |
|
|
|
|
|
2026 |
2025 |
|
£ |
£ |
|
Trade debtors |
193,935 |
140,350 |
|
Other debtors |
74,470 |
84,708 |
|
-------- |
-------- |
|
268,405 |
225,058 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2026 |
2025 |
|
£ |
£ |
|
Bank loans and overdrafts |
23,218 |
– |
|
Trade creditors |
4,324 |
32,925 |
|
Social security and other taxes |
79,662 |
80,078 |
|
Other creditors |
210,512 |
213,461 |
|
-------- |
-------- |
|
317,716 |
326,464 |
|
-------- |
-------- |
|
|
|
|
8. |
Other financial commitments |
|
|
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £191,048 (2025: £259,079) and relate to an operating lease for business property.