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REGISTERED NUMBER: OC335948
Clague LLP
Filleted Unaudited Financial Statements
31 March 2024
Clague LLP
Financial Statements
Year ended 31 March 2024
Contents
Pages
Designated members and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Clague LLP
Designated Members and Professional Advisers
Designated members
Mr K Elliott
Mr L Batten
Mr P Mills
Mrs C Butterworth
Mr S Bonnage
Mr M Colloton
Mr P Osborne
Mr T Wolfe-Murray
Mr G Esdaile
Registered office
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
Accountants
Burgess Hodgson LLP
Chartered accountants
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
Clague LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
254,457
312,574
Current assets
Stocks
469,380
419,923
Debtors
6
174,970
144,692
Cash at bank and in hand
5,020
174,354
---------
---------
649,370
738,969
Creditors: amounts falling due within one year
7
509,149
448,551
---------
---------
Net current assets
140,221
290,418
---------
---------
Total assets less current liabilities
394,678
602,992
Creditors: amounts falling due after more than one year
8
159,258
293,338
---------
---------
Net assets
235,420
309,654
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
235,420
309,654
---------
---------
Members' other interests
Other reserves
---------
---------
235,420
309,654
---------
---------
Total members' interests
Loans and other debts due to members
9
235,420
309,654
Members' other interests
---------
---------
235,420
309,654
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Clague LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 11 September 2024 , and are signed on their behalf by:
Mr K Elliott
Mr L Batten
Designated Member
Designated Member
Mr P Mills
Mrs C Butterworth
Designated Member
Designated Member
Mr S Bonnage
Mr M Colloton
Designated Member
Designated Member
Mr P Osborne
Mr T Wolfe-Murray
Designated Member
Designated Member
Mr G Esdaile
Designated Member
Registered number: OC335948
Clague LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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, 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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of financial position.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 51 (2023: 52 ).
5.
Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
50,559
512,702
274,791
838,052
Additions
6,875
6,875
--------
---------
---------
---------
At 31 March 2024
50,559
519,577
274,791
844,927
--------
---------
---------
---------
Depreciation
At 1 April 2023
50,559
376,393
98,526
525,478
Charge for the year
35,220
29,772
64,992
--------
---------
---------
---------
At 31 March 2024
50,559
411,613
128,298
590,470
--------
---------
---------
---------
Carrying amount
At 31 March 2024
107,964
146,493
254,457
--------
---------
---------
---------
At 31 March 2023
136,309
176,265
312,574
--------
---------
---------
---------
6.
Debtors
2024
2023
£
£
Other debtors
174,970
144,692
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
87,592
48,490
Trade creditors
94,732
100,788
Social security and other taxes
225,046
207,002
Other creditors
101,779
92,271
---------
---------
509,149
448,551
---------
---------
The LLP's bankers have a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
58,166
109,137
Other creditors
101,092
184,201
---------
---------
159,258
293,338
---------
---------
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
235,420
309,654
---------
---------