GMJL Management LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC411445 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

for

GMJL Management LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

A M Dobinson

D J Delaney

REGISTERED OFFICE:

Virginia House

Level 2

56 Warwick Road

Solihull

West Midlands

B92 7HX

REGISTERED NUMBER:

OC411445 (England and Wales)

ACCOUNTANTS:

James, Stanley & Co. Limited

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

FIXED ASSETS

Property, plant and equipment

5

1,969

2,625

CURRENT ASSETS

Debtors

6

13,754

7,730

Cash at bank

625

1,541

14,379

9,271

CREDITORS

Amounts falling due within one year

7

41,466

45,434

NET CURRENT LIABILITIES

(27,087

)

(36,163

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET LIABILITIES ATTRIBUTABLE TO MEMBERS

(25,118

)

(33,538

)

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

100

100

Other reserves

(25,218

)

(33,638

)

(25,118

)

(33,538

)

TOTAL MEMBERS' INTERESTS

Members' other interests

(25,118

)

(33,538

)

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 June 2023.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 27 March 2024 and were signed by:

D J Delaney - Designated member

1.	STATUTORY INFORMATION

GMJL Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

In the year ended 30 June 2023, the partnership had net current liabilities at the balance sheet date of £27,087, however the members are confident that the partnership will be able to operate within its agreed banking facilities in the forthcoming year.

The members consider, in preparing these financial statements, that they have taken into account all information that could reasonably be expected to be available when considering whether the partnership is a going concern. As a result, the members consider that it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would arise should the partnership be unable to continue trading.

Turnover

Turnover represents invoiced sales of services provided, expenses re-charged and rents receivable. Sales are recognised when services have been provided to customers such that the risks and rewards have been transferred to them.

Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 profit or loss in the period to which they relate.

Divisible profits and members' remuneration

Trading profits and losses of the LLP are divided and borne by the members in the proportions as set out in the members' agreement and shall be theirs as of right unless otherwise agreed from time to time.

The cash flow requirement of the LLP is taken into account when assessing the level of drawings taken by members.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2022 - NIL ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Motor

vehicles

£

COST

At 1 July 2022

and 30 June 2023

7,000

DEPRECIATION

At 1 July 2022

4,375

Charge for year

656

At 30 June 2023

5,031

NET BOOK VALUE

At 30 June 2023

1,969

At 30 June 2022

2,625

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

5,520

-

Prepayments and accrued income

8,234

7,730

13,754

7,730

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade creditors

112

-

Social security and other taxes

4,020

2,155

Other creditors

26,866

33,749

Accruals and deferred income

10,468

9,530

41,466

45,434

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.6.23

30.6.22

£

£

Within one year

-

11,291

9.	CAPITAL COMMITMENTS

30.6.23

30.6.22

£

£

Contracted but not provided for in the

financial statements

-

-

10.	RELATED PARTY DISCLOSURES

GMJL Management LLP and TEL Group Ltd are related parties by virtue of the fact that Mr. A. M Dobinson and Mr. D. J Delaney are partners of GMJL Management LLP and directors of TEL Group Ltd and

At 30 June 2023, TEL Group Ltd advanced a loan of £26,390 (2022 - £33,593) to GMJL Management LLP. This loan is interest free with no specific repayment terms and is presented within credtors: amounts falling due within one year.

In the year under review, GMJL Management LLP invoiced £86,768 (2022 - £28,466) to TEL Group Ltd in respect of various services provided by the organisation to that company. As at 30 June 2023, GMJL Management owed £5,520 to TEL Group Ltd by way of a trading balance.

These transactions were conducted at normal commercial rates.

11.	LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. The legal opinion given in the appendix to the SORP, Accounting for Limited Liability Partnerships, is that members' other interests rank after unsecured creditors.