Meredith Tax LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: OC358589

Meredith Tax LLP

Filleted Unaudited Financial Statements

5 April 2022

Meredith Tax LLP

Financial Statements

Year Ended 5 April 2022

Contents	Page

Designated Members and Professional Advisers	1

Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements	2

Statement of Financial Position	3

Notes to the Financial Statements	5

Meredith Tax LLP

Designated Members and Professional Advisers

Designated Members	D G Meredith
	G M Meredith

Registered Office	Office Unit 34
	Evans Business Centre
	Burley Hill Trading Estate
	Burley Road
	Leeds
	LS4 2PU

Accountants	Wyatt & Co
	Chartered Accountants
	125 Main Street
	Garforth
	Leeds
	LS25 1AF

Meredith Tax LLP

Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Meredith Tax LLP

Year Ended 5 April 2022

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Meredith Tax LLP for the year ended 5 April 2022, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of Meredith Tax LLP, as a body, in accordance with the terms of our engagement letter dated 30 November 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Meredith Tax LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Meredith Tax LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Meredith Tax LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Meredith Tax LLP. You consider that Meredith Tax LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Meredith Tax LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wyatt & Co Chartered Accountants

125 Main Street Garforth Leeds LS25 1AF

8 December 2022

Meredith Tax LLP

Statement of Financial Position

5 April 2022

	2022		2021
Note	£	£	£

Current Assets

Debtors	5	24,100	23,556
Cash at bank and in hand		125	237
		---------	---------
		24,225	23,793

Creditors: amounts falling due within one year	6	22,000		22,000
		---------		---------
Net Current Assets			2,225	1,793
			--------	--------
Total Assets Less Current Liabilities			2,225	1,793
			--------	--------

Represented by:

Loans and Other Debts due to Members

Other amounts	7	2,225	1,793
		--------	--------

Members' Other Interests

Other reserves	–	–
	--------	--------
	2,225	1,793
	--------	--------

Total Members' Interests

Loans and other debts due to members	7	2,225	1,793
Members' other interests		–	–
		--------	--------
		2,225	1,793
		--------	--------

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 5 April 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 .

Meredith Tax LLP

Statement of Financial Position (continued)

5 April 2022

These financial statements were approved by the members and authorised for issue on 8 December 2022 , and are signed on their behalf by:

D G Meredith

Designated Member

Registered number: OC358589

Meredith Tax LLP

Notes to the Financial Statements

Year Ended 5 April 2022

1.	General Information

The LLP is registered in England and Wales. The address of the registered office is Office Unit 34, Evans Business Centre, Burley Hill Trading Estate, Burley Road, Leeds, LS4 2PU.

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'.

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:

	Plant and machinery	-	Fully written down

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

A financial asset or a financial liability is recognised only when the LLP 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.	Tangible Assets

	Plant and machinery	Total
	£	£
Cost
At 6 April 2021 and 5 April 2022	2,529	2,529
	--------	--------
Depreciation
At 6 April 2021 and 5 April 2022	2,529	2,529
	--------	--------
Carrying amount
At 5 April 2022	–	–
	--------	--------
At 5 April 2021	–	–
	--------	--------

5.	Debtors

	2022	2021
	£	£
Trade debtors	23,237	22,693
Other debtors	863	863
	---------	---------
	24,100	23,556
	---------	---------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Other creditors	22,000	22,000
	---------	---------

7.	Loans and Other Debts due to Members

	2022	2021
	£	£
Amounts owed to members in respect of profits	2,225	1,793
	--------	--------

8.	Related Party Transactions

In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".