Matrix Partnership Management LLP - Period Ending 2020-04-05
Matrix Partnership Management LLP - Period Ending 2020-04-05
Registration number:
Matrix Partnership Management LLP
Annual Report and Unaudited Filleted Financial Statements
for the Year Ended 5 April 2020
Matrix Partnership Management LLP
Contents
Limited liability partnership information |
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Accountants' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Matrix Partnership Management LLP
Limited liability partnership information
Designated members |
J N Hardy J H Karkowski Ms F Vidulich |
Registered office |
33 St James's Square |
Bankers |
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Accountants |
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Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Matrix Partnership Management LLP
for the Year Ended 5 April 2020
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Matrix Partnership Management LLP for the year ended 5 April 2020 set out on pages 3 to 8 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the members of Matrix Partnership Management LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Matrix Partnership Management LLP and state those matters that we have agreed to state to the members of Matrix Partnership Management LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Matrix Partnership Management LLP and its members as a body for our work or for this report.
It is your duty to ensure that Matrix Partnership Management LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Matrix Partnership Management LLP. You consider that Matrix Partnership Management LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Matrix Partnership Management LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL
Matrix Partnership Management LLP
(Registration number: OC380551)
Balance Sheet as at 5 April 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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- |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
132,042 |
93,886 |
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Members’ other interests |
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Members' capital classified as equity |
35,000 |
35,000 |
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167,042 |
128,886 |
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Total members' interests |
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Loans and other debts due to members |
132,042 |
93,886 |
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Equity |
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167,042 |
128,886 |
For the year ending 5 April 2020 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
These financial statements have been delivered in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Matrix Partnership Management LLP
(Registration number: OC380551)
Balance Sheet as at 5 April 2020 (continued)
The financial statements of Matrix Partnership Management LLP (registered number OC380551) were approved by the
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Matrix Partnership Management LLP
Notes to the Financial Statements for the Year Ended 5 April 2020
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Matrix Partnership Management LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Tangible fixed assets
Individual fixed assets are recorded at cost.
Matrix Partnership Management LLP
Notes to the Financial Statements for the Year Ended 5 April 2020 (continued)
1 |
Accounting policies (continued) |
Depreciation
Depreciation is provided on tangible fixed assets so as to wrire off the cost or valuation, less any estimated residual value, over their expected economic life as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% straight line |
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Matrix Partnership Management LLP
Notes to the Financial Statements for the Year Ended 5 April 2020 (continued)
1 |
Accounting policies (continued) |
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Matrix Partnership Management LLP
Notes to the Financial Statements for the Year Ended 5 April 2020 (continued)
Tangible fixed assets |
Office equipment |
Total |
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Cost |
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At 6 April 2019 |
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Additions |
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At 5 April 2020 |
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Depreciation |
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At 6 April 2019 |
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Charge for the year |
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At 5 April 2020 |
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Net book value |
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At 5 April 2020 |
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At 5 April 2019 |
- |
- |
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
175,185 |
130,639 |
Creditors: Amounts falling due within one year |
2020 |
2019 |
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Trade creditors |
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Other creditors |
- |
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Accruals and deferred income |
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Taxation and social security |
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