Limited Liability Partnership Registration No. OC413066 (England and Wales)
CLO Partnership LLP
Annual report and unaudited financial statements
For the year ended 31 March 2024
Pages for filing with registrar
CLO PARTNERSHIP LLP
CLO Partnership LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
CLO PARTNERSHIP LLP
CLO Partnership LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
65,113
393,473
Creditors: amounts falling due within one year
3
(1,080)
(166)
Net current assets and net assets attributable to members
64,033
393,307
Represented by:
Loans and other debts due to members within one year
4
Amounts due in respect of profits
(1,995)
(1,109)
Other amounts
66,028
394,416
64,033
393,307
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.
The financial statements were approved by the members and authorised for issue on 6 June 2024 and are signed on their behalf by:
06 June 2024
C C Okin
Designated member
Limited Liability Partnership registration number OC413066 (England and Wales)
CLO PARTNERSHIP LLP
CLO Partnership LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information
CLO Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Members' participating interests
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, for example members' capital, 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' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means,
any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the
extent they exceed debts due from a specific member.
1.3
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was 0 (2023 - 0).
CLO PARTNERSHIP LLP
CLO Partnership LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
3
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
540
166
Other creditors
540
-
1,080
166
4
Reconciliation of Members' Interests
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 April 2023
393,308
393,308
393,308
Loss charged to members account
(886)
(886)
(886)
Other reserves transferred to members loan accounts
-
-
Members' interests after loss and remuneration for the year
392,422
392,422
392,422
Repayment of debt
(328,389)
(328,389)
(328,389)
Members' interests at 31 March 2024
64,033
64,033
64,033
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.