Old Mill Audit 2021 LLP - Accounts to registrar (filleted) - small 23.1.2
Old Mill Audit 2021 LLP - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2022 |
for |
Old Mill Audit 2021 LLP |
Old Mill Audit 2021 LLP (Registered number: OC352865) |
Contents of the Financial Statements |
for the Year Ended 30 June 2022 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Old Mill Audit 2021 LLP |
General Information |
for the Year Ended 30 June 2022 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Old Mill Audit 2021 LLP (Registered number: OC352865) |
Balance Sheet |
30 June 2022 |
30.6.22 | 30.6.21 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,510,687 |
288,887 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
6 |
1,510,687 |
288,887 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 6 | 1,510,687 | 288,887 |
Amounts due from members | 4 | (1,275,449 | ) | - |
235,238 | 288,887 |
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. |
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 |
Old Mill Audit 2021 LLP (Registered number: OC352865) |
Notes to the Financial Statements |
for the Year Ended 30 June 2022 |
1. | STATUTORY INFORMATION |
Old Mill Audit 2021 LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
On 3 November 2021, Old Mill Audit LLP changed its name to Old Mill Audit 2021 LLP. |
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 2018 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
The LLP ceased to trade on the 25 October 2021 and consequently the financial statements are not prepared on a going concern basis. The financial statements have been prepared on a basis other than going concern. |
Turnover |
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. |
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. |
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to the Income Statement in the period to which they relate. |
Old Mill Audit 2021 LLP (Registered number: OC352865) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
2. | ACCOUNTING POLICIES - continued |
Members' participation rights |
Members' participation rights are the right of a member against the LLP that arises under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remunerated 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. A members' 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 Income Statement in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Balance Sheet. |
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 an expense. They are therefore shown as a residual amount available for discretionary division among members in the Income Statement and are equity appropriations in the Balance Sheet. |
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 Balance Sheet within 'Loans and other debts due to members' and are charged to the Income Statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. |
3. | EMPLOYEE INFORMATION |
The average number of employees, including members with contracts of employment, during the year was NIL (2021 - NIL). |
4. | DEBTORS |
30.6.22 | 30.6.21 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Other creditors |
Old Mill Audit 2021 LLP (Registered number: OC352865) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
6. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of wind up. There is no provision for legally enforceable protection afforded to creditors in such event. There is no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests'. |
7. | RELATED PARTY TRANSACTIONS - TRADE SALE |