REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
QUEENSGATE MANAGEMENT |
(EAST MIDLANDS) LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
QUEENSGATE MANAGEMENT |
(EAST MIDLANDS) LLP (REGISTERED NUMBER: OC357114) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
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 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 were approved for issue by the members of the LLP and authorised for issue on |
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 |
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 |
Plant and machinery etc | - |
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 |
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 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 12,774 | 11,289 |
Other creditors |
Accruals and deferred income |
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'. |