REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Squire Furneaux LLP |
REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Squire Furneaux LLP |
Squire Furneaux LLP (Registered number: OC323944) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Balance Sheet | 8 |
Reconciliation of Members' Interests | 9 |
Notes to the Financial Statements | 11 |
Squire Furneaux LLP |
General Information |
for the year ended 31 December 2023 |
Designated members: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Squire Furneaux LLP (Registered number: OC323944) |
Report of the Members |
for the year ended 31 December 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 December 2023. |
Principal activity |
The principal activity of the LLP in the year under review was that of holding and rental property. |
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 £147,599 (2022 - £147,599 profit). |
Members' interests |
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP. |
Details of changes in members' capital for the year ended 31 December 2021 are set out in the financial statements. |
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. |
Statement of members' responsibilities |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
Squire Furneaux LLP (Registered number: OC323944) |
Report of the Members |
for the year ended 31 December 2023 |
Auditors |
Under section 487(2) of the Companies Act 2006, Haines Watts will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. |
On behalf of the members: |
Report of the Independent Auditors to the Members of |
Squire Furneaux LLP |
Opinion |
We have audited the financial statements of Squire Furneaux LLP (the 'LLP') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. |
Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the members were not entitled to prepare the financial statements in accordance with the small LLPs regime. |
Report of the Independent Auditors to the Members of |
Squire Furneaux LLP |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. |
Our procedures in relation to fraud, included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates and challenged the assumptions and judgements made by management in its significant accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting documentation. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Report of the Independent Auditors to the Members of |
Squire Furneaux LLP |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Squire Furneaux LLP (Registered number: OC323944) |
Income Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating profit and |
Profit for the financial year before members' remuneration and profit shares |
147,599 |
147,599 |
Profit for the financial year before members' remuneration and profit shares |
147,599 |
147,599 |
Members' remuneration charged as an expense |
5 |
(147,599 |
) |
(147,599 |
) |
Profit for the financial year available for discretionary division among members |
Squire Furneaux LLP (Registered number: OC323944) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 6 |
Current assets |
Debtors | 7 |
Cash in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 2,537,382 | 2,389,783 |
Loans and other debts due to members | 9 | 1,939,760 | 1,792,161 |
Members' other interests |
Capital accounts | 597,622 | 597,622 |
2,537,382 | 2,389,783 |
Total members' interests |
Loans and other debts due to members | 9 | 1,939,760 | 1,792,161 |
Members' other interests | 597,622 | 597,622 |
2,537,382 | 2,389,783 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Squire Furneaux LLP (Registered number: OC323944) |
Reconciliation of Members' Interests |
for the year ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified | Other |
as equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2023 | 597,622 | - | 597,622 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year | 597,622 | - | 597,622 |
Balance at 31 December 2023 | 597,622 | - | 597,622 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 1,792,161 |
Amount due from members | - |
Balance at 1 January 2023 | 1,792,161 | 2,389,783 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
147,599 |
147,599 |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' interests after profit for the year | 1,939,760 | 2,537,382 |
Amount due to members | 1,939,760 |
Amount due from members | - |
Balance at 31 December 2023 | 1,939,760 | 2,537,382 |
Squire Furneaux LLP (Registered number: OC323944) |
Reconciliation of Members' Interests |
for the year ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified | Other |
as equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2022 | 597,622 | - | 597,622 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year | 597,622 | - | 597,622 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 December 2022 | 597,622 | - | 597,622 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 1,698,230 |
Amount due from members | - |
Balance at 1 January 2022 | 1,698,230 | 2,295,852 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
147,599 |
147,599 |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' interests after profit for the year | 1,845,829 | 2,443,451 |
Drawings on account and distributions of profit | (53,668 | ) | (53,668 | ) |
Amount due to members | 1,792,161 |
Amount due from members | - |
Balance at 31 December 2022 | 1,792,161 | 2,389,783 |
Squire Furneaux LLP (Registered number: OC323944) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
1. | Statutory information |
Squire Furneaux LLP 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 LLP and rounded to the nearest pound. |
Going concern |
The financial statements have been prepared on a going concern basis, which assumes that the LLP will continue in operational existence for the foreseeable future which the members believe to be appropriate. |
Turnover |
Turnover comprises revenue recognised by the LLP in respect of rental receivable during the year. |
Tangible fixed assets |
Land and buildings | - |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the LLP becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the LLP will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the LLP's cash management. |
Financial liabilities and equity instruments issued by the LLP are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Equity instruments issued by the LLP are recorded at the proceeds received, net of direct issue costs. |
Squire Furneaux LLP (Registered number: OC323944) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed as remuneration and profits). |
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity. |
All amounts due to members that are classified as liabilities are presented within 'Loans and Other Debts due to Members'. Where such amounts relate to unallocated profits, they are recognised within amounts classified as equity shown within 'Members' Other Interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests. |
A member's share of the profit or loss are divided between members under the LLP agreement. The LLP does not have an unconditional right to refuse payment of those fixed amounts and accordingly the amounts arising are due to members in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities. |
3. | Employee information |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Operating profit |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | Information in relation to members |
2023 | 2022 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of profit | 147,599 | 147,599 |
6. | Tangible fixed assets |
Land and |
buildings |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Squire Furneaux LLP (Registered number: OC323944) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other creditors |
9. | Loans and other debts due to members |
If the LLP was to be wound up other creditors would rank above loans and other debts due to members'. |
10. | Guarantees |
Squire Furneaux LLP provided a cross guarantee to National Westminster Bank PLC in respect of C S Astra Limited bank loans up to £3,900,000. |
11. | Related party disclosures |
During the year the LLP charged rent of £150,000 (2022: £150,000) to a fellow subsidiary. At the year end £773,832 (2022: £623,832) is due from the subsidiary company. |
12. | Ultimate controlling party |
The LLP's ultimate parent company at the year end is CS Astra Limited a company that owns 95% of the members capital in this partnership. |
The ultimate controlling party of CS Astra Limited is the Slaughter family. |
Copies of the group financial statements of CS Astra Limited, can be obtained from: |
Vale Rise |
Tonbridge |
Kent |
TN9 1TB |