Maclex LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: NC000567

Maclex LLP

Filleted Unaudited Financial Statements

31 March 2021

Maclex LLP

Financial Statements

Year ended 31 March 2021

Contents	Page

Members' report	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

Maclex LLP

Members' Report

Year ended 31 March 2021

The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2021 .

Principal activities

The principal activity of the company during the year was legal, development, property and banking consultancy.

Designated members

The designated members who served the LLP during the year were as follows:

Mrs J Mc Cormack
Mr P Mc Cormack

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 13 December 2021 and signed on behalf of the members by:

Mr P Mc Cormack

Designated Member

Registered office:

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

Maclex LLP

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

Year ended 31 March 2021

As described on the statement of financial position, the members of the LLP are responsible for the preparation of the financial statements for the year ended 31 March 2021, which comprise the statement of financial position and the related notes. You consider that the LLP is exempt from an audit 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. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

MANEELY Mc CANN Chartered Accountants

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

13 December 2021

Maclex LLP

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		32,245	38,234

Current assets

Stocks		83,333	49,167
Debtors	5	669,735	776,254
Cash at bank and in hand		240,373	548,385
		---------	------------
		993,441	1,373,806

Creditors: amounts falling due within one year	6	3,050		4,950
		---------		------------
Net current assets			990,391	1,368,856
			------------	------------
Total assets less current liabilities			1,022,636	1,407,090
			------------	------------
Net assets			1,022,636	1,407,090
			------------	------------

Represented by:

Loans and other debts due to members

Other amounts	7	1,022,636	1,407,090
		------------	------------

Members' other interests

Other reserves	–	–
	------------	------------
	1,022,636	1,407,090
	------------	------------

Total members' interests

Loans and other debts due to members	7	1,022,636	1,407,090
Members' other interests		–	–
		------------	------------
		1,022,636	1,407,090
		------------	------------

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 2021 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 .

Maclex LLP

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the members and authorised for issue on 13 December 2021 , and are signed on their behalf by:

Mr P Mc Cormack

Designated Member

Registered number: NC000567

Maclex LLP

Notes to the Financial Statements

Year ended 31 March 2021

1.	General information

The LLP is registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.

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:

Fixtures, fittings and equipment	-	20% reducing balance
Motor Vehicles	-	20% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2020	10,000	56,400	66,400
Additions	2,072	–	2,072
	--------	--------	--------
At 31 March 2021	12,072	56,400	68,472
	--------	--------	--------
Depreciation
At 1 April 2020	6,723	21,443	28,166
Charge for the year	1,070	6,991	8,061
	--------	--------	--------
At 31 March 2021	7,793	28,434	36,227
	--------	--------	--------
Carrying amount
At 31 March 2021	4,279	27,966	32,245
	--------	--------	--------
At 31 March 2020	3,277	34,957	38,234
	--------	--------	--------

5.	Debtors

	2021	2020
	£	£
Trade debtors	100,135	96,801
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest	4,728	124,932
Other debtors	564,872	554,521
	---------	---------
	669,735	776,254
	---------	---------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Other creditors	3,050	4,950
	-------	-------

7.	Loans and other debts due to members

	2021	2020
	£	£
Amounts owed to members in respect of profits	1,022,636	1,407,090
	------------	------------

8.	Related party transactions

The Members of Maclex LLP , Mr P Mc Cormack and Mrs J Mc Cormack , are also directors of Charioteer Limited. During the year Maclex LLP paid expenses on behalf of Charioteer Limited. At the year end Charioteer Limited owed a balance to Maclex LLP of £NIL (2020: £120,204).