The Commercial Vehicle Show LLP
Members' Report and Financial Statements
For the year ended 30 June 2024
Limited Liability Partnership Registration No. OC346384 (England and Wales)
The Commercial Vehicle Show LLP
Limited Liability Partnership Information
Designated members
The Society of Motor Manufacturers and Traders Limited
IRTE Services Limited
Road Haulage Association Limited
Limited liability partnership number
OC346384
Registered office
c/o RHA
71 Great Peter Street
London
SW1P 2BN
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Bankers
Barclays Bank PLC
15 Colmore Row
Birmingham
West Midlands
B3 2BH
The Commercial Vehicle Show LLP
Contents
Page
Members' report
1 - 3
Independent auditor's report
3 - 6
Profit and loss account
8
Balance sheet
9
Reconciliation of members' interests
10 - 11
Notes to the financial statements
12 - 15
The Commercial Vehicle Show LLP
Members' Report
For the year ended 30 June 2024
Page 1
The members present their report and financial statements for the year ended 30 June 2024.
Principal activities

The principal activity of the limited liability partnership continued to be that of organising and running the annual Commercial Vehicle Show.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

The Society of Motor Manufacturers and Traders Limited
IRTE Services Limited
Road Haulage Association Limited

IRTE Services Limited gave notice of their resignation in May 2024, to take effect on 30 September 2024.

Policy on members' drawings

The members participate fully in the limited liability partnership's profit, share the risks and subscribe to the firm's capital. New members subscribe their capital at par and retiring members are repaid their capital at par.

 

The level of members' capital held within the firm is determined by the members, in accordance with the Members' Agreement and is based upon the working capital needs of the firm. A member is not entitled to draw against the amount standing on their capital account.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006 (as applied to Limited Liability Partnerships).

The Commercial Vehicle Show LLP
Members' Report (Continued)
For the year ended 30 June 2024
Page 2
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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). Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied 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 limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

The Commercial Vehicle Show LLP
Members' Report (Continued)
For the year ended 30 June 2024
Page 3
On behalf of the members
The Society of Motor Manufacturers and Traders Limited
Designated Member
IRTE Services Limited
Designated Member
Road Haulage Association Limited
Designated Member
Date:
The Commercial Vehicle Show LLP
Independent Auditor's Report
To the Members of The Commercial Vehicle Show LLP
Page 4
Opinion

We have audited the financial statements of The Commercial Vehicle Show LLP (the 'limited liability partnership') for the year ended 30 June 2024 which comprise the Profit And Loss Account, the Balance Sheet, the 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 FRS 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:

 

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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 limited liability partnership’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 other information comprises the information included in the members' report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our reports, we do not express any form of assurance conclusion thereon.

 

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 there is 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.

The Commercial Vehicle Show LLP
Independent Auditor's Report (Continued)
To the Members of The Commercial Vehicle Show LLP
Page 5
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 limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement, set out on page 1, 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 is 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor’s 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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The Commercial Vehicle Show LLP
Independent Auditor's Report (Continued)
To the Members of The Commercial Vehicle Show LLP
Page 6

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the limited liability partnership.

 

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

The Commercial Vehicle Show LLP
Independent Auditor's Report (Continued)
To the Members of The Commercial Vehicle Show LLP
Page 7

Use of our report

This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships. Our audit work has been undertaken so we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the limited liability partnership and the limited liability partnership’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Janice Riches (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
2 October 2024
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
The Commercial Vehicle Show LLP
Profit And Loss Account
For the year ended 30 June 2024
Page 8
2024
2023
Notes
£
£
Turnover
1,640,061
1,688,268
Administrative expenses
(1,841,668)
(1,506,443)
(Loss)/profit for the financial year before members' remuneration and profit shares
(201,607)
181,825
(Loss)/profit for the financial year before members' remuneration and profit shares
(201,607)
181,825
Members' remuneration charged as an expense
2
201,607
(181,825)
Profit for the financial year available for discretionary division among members
-
-

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

The Commercial Vehicle Show LLP
Balance Sheet
As at 30 June 2024
Page 9
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
217,903
172,681
Cash at bank and in hand
496,125
429,849
714,028
602,530
Creditors: amounts falling due within one year
4
(414,028)
(120,705)
Net current assets
300,000
481,825
Total assets less current liabilities
300,000
481,825
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
300,000
300,000
Other amounts
-
181,825
300,000
481,825
Total members' interests
Amounts due from members
(19,782)
-
Loans and other debts due to members
5
300,000
481,825
280,218
481,825
These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnership's regime within part 15 of the Companies Act 2006.
Approved by the members and authorised for issue on 27 September 2024 and are signed on their behalf by:
The Society of Motor Manufacturers and Traders Limited
IRTE Services Limited
Designated Member
Designated Member
Road Haulage Association Limited
Designated Member
Limited Liability Partnership Registration No. OC346384
The Commercial Vehicle Show LLP
Reconciliation of Members' Interests
For the year ended 30 June 2024
Page 10
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other amounts
Total
2024
£
£
Members' interests at 1 July 2023
300,000
181,825
481,825
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(201,607)
(201,607)
Members' interests after profit and remuneration for the year
300,000
(19,782)
280,218
Members' interests at 30 June 2024
300,000
(19,782)
280,218
Amounts due from members, included in debtors
(19,782)
(19,782)
The Commercial Vehicle Show LLP
Reconciliation of Members' Interests (Continued)
For the year ended 30 June 2024
Page 11
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other amounts
Total
2023
£
£
Members' interests at 1 July 2022
300,000
499,919
799,919
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
181,825
181,825
Members' interests after profit and remuneration for the year
300,000
681,744
981,744
Drawings
-
(499,919)
(499,919)
Members' interests at 30 June 2023
300,000
181,825
481,825
Amounts due to members
181,825
The Commercial Vehicle Show LLP
Notes to the Financial Statements
For the year ended 30 June 2024
Page 12
1
Accounting policies
Limited liability partnership information

The Commercial Vehicle Show LLP is a limited liability partnership incorporated and domiciled in England and Wales. The registered office is c/o RHA, 71 Great Peter Street, London, SW1P 2BN.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 applied by Limited Liability Partnerships and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships, issued in December 2021.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In determining the appropriate basis of preparation of the financial statements, the members are required to consider whether the limited liability partnership can continue in operational existence for the foreseeable future, being a minimum period of 12 months from the date of approval of the financial statements.

 

The 2024 event was loss making, but management has since restructured the show operations (including IRTE Services Limited's resignation) and has appointed a specialist event management organisation to manage the 2025 show. Profit and cashflow projections have been prepared up to 30 September 2025.

 

Cash balances at 9 September 2024 were in excess of £416,000 and management is confident that the limited liability partnership has sufficient resources to enable it to meet its liabilities as they fall due and continue to operate for at least the next 12 months. The two ongoing members have also undertaken to provide financial support to the LLP for at least twelve months from the date of approval of the financial statements. Consequently, the financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT. Exhibition space and sponsorship income is recognised in the period when the show event takes place.

The Commercial Vehicle Show LLP
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 13
1.4
Members' participating interests

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. 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. 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.

 

 

1.5
Cash and cash equivalents

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.

1.6
Financial instruments

Basic financial instruments are measured at amortised cost. The Limited Liability Partnership has no other financial instruments or basic financial instruments measured at fair value.

1.7
Taxation

No provision has been made for taxation in the financial statements. The taxation payable on the profit is the personal liability of the members during the period.

1.8
Retirement benefits and post retirement payments to members

Retiring members are repaid their capital at par.

The Commercial Vehicle Show LLP
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 14
2
Members' remuneration
2024
2023
Number
Number
The average number of members during the year was
3
3
2024
2023
£
£
(Loss)/profit attributable to the member with the highest entitlement
(67,202)
60,608
Average members' remuneration
(67,202)
60,608
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,680
29,756
Amounts due from members
19,782
-
Other debtors
113,386
60,519
Prepayments
83,055
82,406
217,903
172,681
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
378,258
85,713
Other creditors
3,283
4,283
Accruals and deferred income
32,487
30,709
414,028
120,705
The Commercial Vehicle Show LLP
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 15
5
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Loans from members
300,000
300,000
Amounts owed to members in respect of profits
-
181,825
300,000
481,825

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with other unsecured creditors. Loans and other debts due to members are due within one year.

6
Financial commitments, guarantees and contingent liabilities

As at 30 June 2024 the limited liability partnership was committed to pay £154,245 (2023: £149,695) to lease the NEC for the event to be held in April 2025.

7
Related party transactions

One of the members, IRTE Services Limited, charged the limited liability partnership £353,816 (2023: £311,748) for management services in the year. The LLP sold stand space to IRTE Services Limited during the year for £3,648 (2023: £3,458) at a discounted rate. At the year end an amount of £34,759 (2023: £nil) was owed to IRTE Services Limited.

 

One of the members, The Society of Motor Manufacturers and Traders Limited, charged the limited liability partnership £50,000 (2023: £nil) for management services in the year. The LLP sold stand space to The Society of Motor Manufacturers and Traders Limited during the year for £2,880 (2023: £2,730) at a discounted rate. At the year end an amount of £60,000 (2023: £6,837 owed by) was owed to The Society of Motor Manufacturers and Traders Limited.

 

One of the members, Road Haulage Association Limited, charged the limited liability partnership £80,000 (2023: £nil) for management services in the year. The LLP sold stand space to Road Haulage Association Limited during the year for £14,748 (2023: £14,014) at a discounted rate. At the year end an amount of £96,000 (2023: £nil) was owed to Road Haulage Association Limited.

8
Ultimate controlling party

The Limited Liability Partnership is controlled equally by The Society of Motor Manufacturers and Traders Limited, IRTE Services Limited and the Road Haulage Association Limited.

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