MAGA LLP - Accounts to registrar (filleted) - small 18.2
MAGA LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
MAGA LLP |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
MAGA LLP (REGISTERED NUMBER: SO304343) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
MAGA LLP (REGISTERED NUMBER: SO304343) |
BALANCE SHEET |
31 MARCH 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
135,555 |
224,375 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
135,555 |
224,375 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 135,555 | 224,375 |
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. |
MAGA LLP (REGISTERED NUMBER: SO304343) |
BALANCE SHEET - continued |
31 MARCH 2021 |
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 Profit and Loss Account has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
MAGA LLP (REGISTERED NUMBER: SO304343) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
1. | STATUTORY INFORMATION |
MAGA LLP is a limited liability partnership, registered in Scotland. The LLP's registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ. |
The presentation currency of the financial statements is Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from this standard. |
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 |
Land and buildings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost, less impairment. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2020 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
At 31 March 2020 |
Depreciation is not provided on land and buildings on the grounds that it would be immaterial because the estimated residual values are not materially different from their carrying values. |
MAGA LLP (REGISTERED NUMBER: SO304343) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
At 31 March 2020 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
On winding up of the LLP, loans and other debts due to members rank pari passu with other creditors. |
8. | RELATED PARTY DISCLOSURES |
At the balance sheet date, £673,612 (2020: £468,512) was owed to the subsidiary company, Mearns Castle Golf Academy Limited. The loan is unsecured and repayable on demand. Interest at 2.5% is charged on the loan. |