Michael McNamara And Associates LLP - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: OC384414 (England and Wales)

UNAUDITED CESSATION FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

FOR

MICHAEL MCNAMARA AND ASSOCIATES LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

M L McNamara

Mrs C. J. McNamara

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

OC384414 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Tangible assets

4

-

69,711

CURRENT ASSETS

Stocks

-

2,492,541

Debtors

5

-

155,363

Cash at bank

55,238

34,353

55,238

2,682,257

CREDITORS

Amounts falling due within one year

6

10,251

1,918,803

NET CURRENT ASSETS

44,987

763,454

TOTAL ASSETS LESS CURRENT LIABILITIES

44,987

833,165

CREDITORS

Amounts falling due after more than one year

7

30,583

66,663

NET ASSETS ATTRIBUTABLE TO MEMBERS

14,404

766,502

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

14,404

766,502

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

14,404

766,502

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 April 2022.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 21 November 2022 and were signed by:

M L McNamara - Designated member

Mrs C. J. McNamara - Designated member

1.	STATUTORY INFORMATION

Michael McNamara And Associates LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided as the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Plant and machinery

- 25% on cost

Office equipment

- 25% on cost

Motor vehicles

- 25% on reducing balance

At the date of the statement of financial position, the company reviews the carrying value of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Inventories

Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance of obsolete and slow moving items.

Cost is measured on a first-in-first out basis and includes purchase price, import duties, borrowing costs and other costs incurred in bringing the inventories to their current location and condition.

Financial instruments

Short-term debtors are measured at transaction prices, less any impairment.

Short-term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest model.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimate useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of past events, when it is probable that the company will be required to settle the obligation and the amount of obligation can be reliability estimated.

Provisions are recognised as the best estimate of the amount required to settle the obligation at the reporting date.

Pension costs

The company contributes to the personal pension schemes of employees. Contributions payable are charged to the income statement in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 6 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2021

252,593

Additions

122,919

Disposals

(375,512

)

At 30 April 2022

-

DEPRECIATION

At 1 May 2021

182,882

Charge for year

47,165

Eliminated on disposal

(230,047

)

At 30 April 2022

-

NET BOOK VALUE

At 30 April 2022

-

At 30 April 2021

69,711

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 May 2021

61,334

Additions

25,089

Disposals

(86,423

)

At 30 April 2022

-

DEPRECIATION

At 1 May 2021

15,333

Charge for year

17,773

Eliminated on disposal

(33,106

)

At 30 April 2022

-

NET BOOK VALUE

At 30 April 2022

-

At 30 April 2021

46,001

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Other debtors

-

155,363

Included in other debtors are prepayment and accrued income of £nil (2021: £123,082).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans and overdrafts

10,251

-

Hire purchase contracts

-

9,167

Trade creditors

-

376,735

Taxation and social security

-

8,964

Other creditors

-

1,523,937

10,251

1,918,803

Included in other creditors are accrued expenses of £nil (2021: £18,686).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans

30,583

40,829

Hire purchase contracts

-

25,834

30,583

66,663

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.22

30.4.21

£

£

Loan

-

1,498,218

There is a debenture comprising of fixed and floating charges over all assets and undertakings of Michael McNamara and Associates LLP.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

30.4.22

30.4.21

£

£

Amounts owed to members in respect of profits

14,404

766,502

Falling due within one year

14,404

766,502

In the event of winding up, the loans and other debts due to members will rank equally with unsecured creditors.

There are no restrictions on the ability of the members to reduce the amount of "Members' other interests".