Milk Hill Consulting LLP Filleted accounts for Companies House (small and micro)

MILK HILL CONSULTING LLP - Company Information

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REGISTERED NUMBER: OC436768

Milk Hill Consulting LLP

Filleted Unaudited Financial Statements

31 March 2022

Milk Hill Consulting LLP

Statement of Financial Position

31 March 2022

	31 Mar 22
Note	£	£

Current assets

Debtors	4	19,249
Cash at bank and in hand		6,882
		--------
		26,131

Creditors: amounts falling due within one year	5	6,787
		--------
Net current assets			19,344
			--------
Total assets less current liabilities			19,344
			--------
Net assets			19,344
			--------

Represented by:

Loans and other debts due to members

Other amounts	6	19,344
		--------

Members' other interests

Other reserves		–
		--------
		19,344
		--------

Total members' interests

Loans and other debts due to members	6	19,344
Members' other interests		–
		--------
		19,344
		--------

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 period ending 31 March 2022 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 .

Milk Hill Consulting LLP

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the members and authorised for issue on 23 October 2022 , and are signed on their behalf by:

Mr A D C Tabor	Mrs S Tabor
Designated Member	Designated Member

Registered number: OC436768

Milk Hill Consulting LLP

Notes to the Financial Statements

Period from 9 April 2021 to 31 March 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Woodlands, Woodborough, Pewsey, Wiltshire, SN9 5PG.

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.

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'.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4.	Debtors

	31 Mar 22
	£
Other debtors	19,249
	--------

5. Creditors: amounts falling due within one year

	31 Mar 22
	£
Social security and other taxes	5,287
Other creditors	1,500
	-------
	6,787
	-------

6.	Loans and other debts due to members

	31 Mar 22
	£
Amounts owed to members in respect of profits	19,344
	--------