REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31st March 2023 |
for |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31st March 2023 |
for |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Contents of the Financial Statements |
for the Year Ended 31st March 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Certified Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership |
General Information |
for the Year Ended 31st March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
49 Peter Street |
Manchester |
M2 3NG |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Report of the Members |
for the Year Ended 31st March 2023 |
The members present their report with the financial statements of the LLP for the year ended 31st March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of the provision of medical services. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £2,395,915 (2022 - £3,607,706 profit). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
A member's capital requirement is linked to their share of profit and the financing requirement of the limited |
liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
ON BEHALF OF THE MEMBERS: |
Chartered Certified Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Medical Expert Witness Alliance (MEWA) Limited Liability Partnership for the year ended 31st March 2023 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the members of Medical Expert Witness Alliance (MEWA) Limited Liability Partnership, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Medical Expert Witness Alliance (MEWA) Limited Liability Partnership and state those matters that we have agreed to state to the members of Medical Expert Witness Alliance (MEWA) Limited Liability Partnership, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Medical Expert Witness Alliance (MEWA) Limited Liability Partnership has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Medical Expert Witness Alliance (MEWA) Limited Liability Partnership. You consider that Medical Expert Witness Alliance (MEWA) Limited Liability Partnership 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 financial statements of Medical Expert Witness Alliance (MEWA) Limited Liability Partnership. 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 financial statements. |
First Floor |
49 Peter Street |
Manchester |
M2 3NG |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Income Statement |
for the Year Ended 31st March 2023 |
31.3.23 | 31.3.22 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,407,631 | 3,611,764 |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Balance Sheet |
31st March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 1,807,606 | 1,835,242 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
1,807,606 |
1,835,242 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 1,807,606 | 1,835,242 |
Amounts due from members | 5 | (517,982 | ) | (413,439 | ) |
1,289,624 | 1,421,803 |
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. |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Balance Sheet - continued |
31st March 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Reconciliation of Members' Interests |
for the Year Ended 31st March 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 1,835,242 |
Amount due from members | (413,439 | ) |
Balance at 1st April 2022 | - | 1,421,803 | 1,421,803 |
Profit for the financial year available for discretionary division among members |
2,395,915 |
- |
2,395,915 |
Members' interests after profit for the year |
2,395,915 |
1,421,803 |
3,817,718 |
Other divisions of profit | (2,395,915 | ) | 2,395,915 | - |
Drawings on account and distributions of profit |
- |
(2,528,094 |
) |
(2,528,094 |
) |
Amount due to members | 1,807,606 |
Amount due from members | (517,982 | ) |
Balance at 31st March 2023 | - | 1,289,624 | 1,289,624 |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Reconciliation of Members' Interests |
for the Year Ended 31st March 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 698,097 |
Amount due from members | - |
Balance at 1st April 2021 | - | 698,097 | 698,097 |
Profit for the financial year available for discretionary division among members |
3,607,706 |
- |
3,607,706 |
Members' interests after profit for the year |
3,607,706 |
698,097 |
4,305,803 |
Other divisions of profit | (3,607,706 | ) | 3,607,706 | - |
Drawings on account and distributions of profit |
- |
(2,884,000 |
) |
(2,884,000 |
) |
Amount due to members | 1,835,242 |
Amount due from members | (413,439 | ) |
Balance at 31st March 2022 | - | 1,421,803 | 1,421,803 |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Medical Expert Witness Alliance (MEWA) Limited Liability Partnership is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
There have been no critical judgements, estimates and assumptions made in the preparation of these financial statements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlements discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the provision of medical services is recognised on service delivery. |
Tangible fixed assets |
Tangible Fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment loss. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: |
Fixtures and Fittings - 25% on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic FinancialInstruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Medical Expert Witness Alliance (MEWA) |
Limited Liability Partnership (Registered number: OC411938) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT | 658,390 | 636,273 |
Pension |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans - 1-2 years |
The bounce back loan is government backed for the first year and interest is charged at 3.49% over the Bank of England base rate per annum, for the rest of the loan term, which is 3 years. |
On the 23rd of January 2021, a charge was registered in favour of HSBC UK Bank plc. The charge is in relation to a debenture issued by the LLP which covers all money and liabilities whatever, whenever and however incurred whether now or in the future due to the bank. As at the balance sheet date, there was no liability relating to the debenture. |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party are the members of the limited liability partnership. |