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Registered number: 05755190









MCLAREN AND PARTNERS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
MCLAREN AND PARTNERS LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Notes to the Financial Statements
 
 
2 - 6

 
MCLAREN AND PARTNERS LIMITED
REGISTERED NUMBER: 05755190

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,974
5,955

Current assets
  

Debtors: amounts falling due within one year
 5 
24,113
34,027

Cash at bank and in hand
  
73,766
15,764

  
97,879
49,791

Creditors: amounts falling due within one year
 6 
(36,990)
(43,740)

Net current assets
  
 
 
60,889
 
 
6,051

Total assets less current liabilities
  
64,863
12,006

Provisions for liabilities
  

Deferred tax
  
(994)
(1,132)

Net assets
  
63,869
10,874


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
63,867
10,872

  
63,869
10,874


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


D J McLaren
Director

Date: 18 January 2024

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
MCLAREN AND PARTNERS LIMITED
 

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

1.


General information

McLaren and Partners Limited is a private company, limited by shares, and incorporated in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London W1S 4BH.
The functional and presentational currency is Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25% reducing balance
Computer equipment
-
25% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 2

 
MCLAREN AND PARTNERS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.7

Creditors

 Short term creditors are measured at the transaction price.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 3

 
MCLAREN AND PARTNERS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Fixtures, fittings and equipment
Computer equipment
Total

£
£
£



Cost 


At 1 April 2022
33,851
20,496
54,347



At 31 March 2023

33,851
20,496
54,347



Depreciation


At 1 April 2022
31,596
16,796
48,392


Charge for the year on owned assets
564
1,417
1,981



At 31 March 2023

32,160
18,213
50,373



Net book value



At 31 March 2023
1,691
2,283
3,974



At 31 March 2022
2,255
3,700
5,955

Page 4

 
MCLAREN AND PARTNERS LIMITED
 

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

5.


Debtors

2023
2022
£
£


Trade debtors
18,900
32,400

Other debtors
3,756
-

Prepayments
1,457
1,589

Tax recoverable
-
38

24,113
34,027



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
8

Trade creditors
936
4,588

Corporation tax
20,550
21,434

Other taxation and social security
10,079
5,638

Other creditors
2,392
9,039

Accruals
3,033
3,033

36,990
43,740



7.


Deferred taxation




2023


£






At beginning of year
(1,132)


Charged to profit or loss
138



At end of year
(994)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(994)
(1,132)

Page 5

 
MCLAREN AND PARTNERS LIMITED
 

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

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary voting share of £1
1
1
1 Ordinary non-voting share of £1
1
1

2

2



9.


Related party transactions

At the year end, the amount owed to the director was £437 (2022 - £7,085). The loan is interest free and repayable on demand.
Amounts owed from a company in which the director is also a director was £3,756 (2022 - £NIL). The loan is interest free and repayable on demand.


Page 6