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REGISTERED NUMBER: OC357114 (England and Wales)















REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

QUEENSGATE MANAGEMENT
(EAST MIDLANDS) LLP

QUEENSGATE MANAGEMENT
(EAST MIDLANDS) LLP (REGISTERED NUMBER: OC357114)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

General Information 1

Report of the Members 2

Income Statement 3

Statement of Financial Position 4

Notes to the Financial Statements 5


QUEENSGATE MANAGEMENT
(EAST MIDLANDS) LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: J Wetherall
Jeremy Wetherall Properties Limited





REGISTERED OFFICE: 16 Bishops Road
Lincoln
Lincolnshire
LN2 4JZ





REGISTERED NUMBER: OC357114 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

QUEENSGATE MANAGEMENT
(EAST MIDLANDS) LLP (REGISTERED NUMBER: OC357114)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2023

The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of financial management services and support.

DESIGNATED MEMBERS
The designated members during the year under review were:

J Wetherall
Jeremy Wetherall Properties Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £181,660 (2022 - £150,768 profit).

MEMBERS' INTERESTS
Members capital is subscribed to in accordance with the members agreement and will be repaid by the Limited Liability Partnership on the departure of a member from the Limited Liability Partnership.

Profits for the year are allocated in accordance with the members agreement.

Members may only make drawings on account of profits if all members agree and in such case any overdrawing of profits, as disclosed in the annual financial statements, shall be repaid immediately.

ON BEHALF OF THE MEMBERS:





J Wetherall - Designated member


14 June 2023

QUEENSGATE MANAGEMENT
(EAST MIDLANDS) LLP (REGISTERED NUMBER: OC357114)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 240,050 265,761

Administrative expenses 58,390 114,993
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT SHARES

181,660

150,768

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT SHARES

181,660

150,768

Members' remuneration charged as an expense 4 (181,660 ) (150,768 )
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR
DISCRETIONARY DIVISION AMONG MEMBERS

-

-

QUEENSGATE MANAGEMENT
(EAST MIDLANDS) LLP (REGISTERED NUMBER: OC357114)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 13,078 17,438

CURRENT ASSETS
Debtors 6 28,680 31,826
Cash at bank 32,984 31,799
61,664 63,625
CREDITORS
Amounts falling due within one year 7 15,882 15,704
NET CURRENT ASSETS 45,782 47,921
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 58,860 65,359

LOANS AND OTHER DEBTS DUE TO MEMBERS 8 58,860 65,359

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 58,860 65,359

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 31 March 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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved for issue by the members of the LLP and authorised for issue on 14 June 2023 and were signed by:





J Wetherall - Designated member

QUEENSGATE MANAGEMENT
(EAST MIDLANDS) LLP (REGISTERED NUMBER: OC357114)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Queensgate Management (East Midlands) 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. 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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts chargeable to clients for professional services provided during the year, excluding value added tax. Turnover is recognised in the period in which services are performed.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Property, plant and equipment is recognised at cost less depreciation.

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.

Amounts recoverable on contracts
Services provided to clients during the period, which at the statement of financial position date have not been billed to clients, have been recognised as revenue. Revenue recognised in this manner is based on an assessment of the fair value of the services provided at the statement of financial position date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included in debtors.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2022 - 3 ) .

4. INFORMATION IN RELATION TO MEMBERS
2023 2022
£    £   
Members' remuneration charged as an expense
Partners' salaries 181,660 150,768

QUEENSGATE MANAGEMENT
(EAST MIDLANDS) LLP (REGISTERED NUMBER: OC357114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 58,781
DEPRECIATION
At 1 April 2022 41,343
Charge for year 4,360
At 31 March 2023 45,703
NET BOOK VALUE
At 31 March 2023 13,078
At 31 March 2022 17,438

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 28,680 31,826

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,482 1,939
Social security and other taxes 426 691
VAT 12,774 11,289
Other creditors - 585
Accruals and deferred income 1,200 1,200
15,882 15,704

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

All loans and other debts due to members are unsecured and do not rank above any other unsecured creditor in the event of a winding up. There are no restrictions in place on the ability of members to reduce the amount of 'Members' other interests'.