Limited Liability Partnership registration number OC330866 (England and Wales)
CRAUFURD HALE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CRAUFURD HALE LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CRAUFURD HALE LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
57,669
78,629
Current assets
Debtors
826,027
701,589
Cash at bank and in hand
102
122,580
826,129
824,169
Creditors: amounts falling due within one year
(520,851)
(422,622)
Net current assets
305,278
401,547
Total assets less current liabilities
362,947
480,176
Creditors: amounts falling due after more than one year
(15,499)
(53,757)
Net assets attributable to members
347,448
426,419
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
308,733
396,669
Other amounts
28,715
19,750
337,448
416,419
Members' other interests
Members' capital classified as equity
10,000
10,000
347,448
426,419

In accordance with section 444 of the Companies Act 2006 as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008, all of the members of the limited liability partnership have consented to the abridgement of the financial statements pursuant to paragraph 1A of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations (SI 2008/1912)(a).

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

CRAUFURD HALE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 26 August 2024 and are signed on their behalf by:
26 August 2024
Mr S M Egan
Mr D  Cole
Designated member
Designated Member
Limited Liability Partnership registration number OC330866 (England and Wales)
CRAUFURD HALE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Craufurd Hale LLP is a limited liability partnership incorporated in England and Wales. The registered office is c/o Craufurd Hale Group, Ground Floor, Arena Court, Crown Lane, MAIDENHEAD, SL6 8QZ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Turnover
Turnover represents amounts receivable for services net of VAT and includes commission income.

Work which is incomplete at the balance sheet date is based on the estimated value it is likely to achieve net of amounts invoiced on account.

1.3
Members' participating interests

A member's participation rights, including amounts subscribed or otherwise contributed by members, are classed as liabilities except to the extent that amounts contributed have been agreed by the member to be treated as equity.

Profits are automatically divided as they arise.

Whilst the members’ agreement does not differentiate between profits and losses for profit sharing purposes, it does stipulate that the LLP cannot demand additional contributions from members, and as a result the LLP does not have an unconditional right to demand payment from members for losses. Therefore, to the extent that losses exceed the balance on capital and current accounts, they are not recognised as a recoverable asset and so remain within equity until such time as [profits are generated to set them against or detail other conditions as appropriate].

In order to maintain sufficient working capital, the LLP can withhold payment from current or retiring members for a maximum period of five years. If this becomes relevant, material members’ participation rights would discounted over the period over which the LLP expects to settle them at a rate that approximates the market rate of interest for similar debt. The unwinding of the discount would be charged or released to members' remuneration charged as an expense whilst it relates to a member, and to "Interest payable and receivable" when it relates to amounts due to a former member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

CRAUFURD HALE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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 bases:

Leasehold improvements
Over the term of the lease
Fixtures, fittings & equipment
25% straight line
Computer equipment
33.3% straight line
Motor vehicles
25% straight line

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 recognised in the profit and loss account.

1.5
Impairment of fixed assets

Fixed assets are reviewed for impairment only if the write down is likely to be material.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is not material.

1.8
Retirement benefits and post retirement payments to members

The limited liability partnership operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Post retirement payments are made to members in the form of an annuity which is also charged to the profit and loss account in the year it is payable.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at cost. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a reducing balance basis.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

CRAUFURD HALE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
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.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
34
34
4
Tangible fixed assets
Total
£
Cost
At 1 April 2023
368,193
Additions
11,389
At 31 March 2024
379,582
Depreciation and impairment
At 1 April 2023
289,564
Depreciation charged in the year
32,349
At 31 March 2024
321,913
Carrying amount
At 31 March 2024
57,669
At 31 March 2023
78,629

Motor vehicles under finance leases are charged in favour of the leasing company.

5
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.

CRAUFURD HALE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Operating lease commitments
Lessee

 

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
284,790
398,706
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