Marlborough House Partners LLP Filleted accounts for Companies House (small and micro)

MARLBOROUGH HOUSE PARTNERS LLP - Company Information

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REGISTERED NUMBER: OC395101

Marlborough House Partners LLP

Filleted Unaudited Financial Statements

30 June 2022

Marlborough House Partners LLP

Statement of Financial Position

30 June 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	6		3,541		–

Current assets

Debtors	7	199,204	123,126
Cash at bank and in hand		147,997	96,221
		---------	---------
		347,201	219,347

Creditors: amounts falling due within one year	8	91,863		62,321
		---------		---------
Net current assets			255,338		157,026
			---------		---------
Total assets less current liabilities			258,879		157,026
			---------		---------
Net assets			258,879		157,026
			---------		---------

Represented by:

Loans and other debts due to members

Other amounts	9		238,135		136,282

Members' other interests

Members' capital classified as equity	20,744	20,744
Other reserves	–	–
	---------	---------
	258,879	157,026
	---------	---------

Total members' interests

Loans and other debts due to members	9	238,135	136,282
Members' other interests		20,744	20,744
		---------	---------
		258,879	157,026
		---------	---------

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 30 June 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 .

Marlborough House Partners LLP

Statement of Financial Position (continued)

30 June 2022

These financial statements were approved by the members and authorised for issue on 17 March 2023 , and are signed on their behalf by:

Mr P J D Tolhurst	Mr P J Tolhurst
Designated Member	Designated Member

Mrs C De Rougemont
Member

Registered number: OC395101

Marlborough House Partners LLP

Notes to the Financial Statements

Year ended 30 June 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Third Floor, Marlborough House, Victoria Road South, Chelmsford, Essex, CM1 1LN.

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'.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Other intangibles	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

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:

	Office equipment	-	20% straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 6 (2021: 6 ).

5.	Intangible assets

	Development costs
	£
Cost
At 1 July 2021 and 30 June 2022	5,472
	-------
Amortisation
At 1 July 2021 and 30 June 2022	5,472
	-------
Carrying amount
At 30 June 2022	–
	-------
At 30 June 2021	–
	-------

6.	Tangible assets

	Equipment	Total
	£	£
Cost
At 1 July 2021	3,997	3,997
Additions	3,894	3,894
	-------	-------
At 30 June 2022	7,891	7,891
	-------	-------
Depreciation
At 1 July 2021	3,997	3,997
Charge for the year	353	353
	-------	-------
At 30 June 2022	4,350	4,350
	-------	-------
Carrying amount
At 30 June 2022	3,541	3,541
	-------	-------
At 30 June 2021	–	–
	-------	-------

7.	Debtors

	2022	2021
	£	£
Trade debtors	188,181	106,593
Other debtors	11,023	16,533
	---------	---------
	199,204	123,126
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	9,241	15,731
Social security and other taxes	62,198	33,092
Other creditors	20,424	13,498
	--------	--------
	91,863	62,321
	--------	--------

9.	Loans and other debts due to members

	2022	2021
	£	£
Amounts owed to members in respect of profits	238,135	136,282
	---------	---------