REGISTERED NUMBER: |
CLONMORE WHOLESALE LLP |
Members' Report and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
CLONMORE WHOLESALE LLP |
Members' Report and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
CLONMORE WHOLESALE LLP (REGISTERED NUMBER: NC001478) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
General Information | 1 |
Members' Report | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Statement of Financial Position | 5 |
Notes to the Financial Statements | 7 |
CLONMORE WHOLESALE LLP |
General Information |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
CLONMORE WHOLESALE LLP (REGISTERED NUMBER: NC001478) |
Members' Report |
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 the sale of agricultural products. |
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 £130,068 (2022 - £129,451 profit). |
MEMBERS' INTERESTS |
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The members can decide on how much undistributed income will be retained within the LLP as capital. |
SPECIAL PROVISIONS RELATING TO SMALL LIMITED LIABILITY PARTNERSHIPS |
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 as modified by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, as amended relating to small LLP's. |
ON BEHALF OF THE MEMBERS: |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Clonmore Wholesale LLP |
We have prepared for your approval the financial statements of Clonmore Wholesale LLP for the year which comprise the Trading, Profit and Loss Account, the Balance Sheet and related notes from the accounting records and information and explanations you have given to us. |
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clonmore Wholesale LLP and state those matters that we have agreed to state to you in this report in accordance with the guidance of Chartered Accountants Ireland. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clonmore Wholesale LLP for our work or for this report. |
We have carried out this engagement in accordance with technical guidance issued by Chartered Accountants Ireland and have complied with the ethical guidance laid down by Chartered Accountants Ireland. |
You have approved the Trading, Profit and Loss Account, the Balance Sheet and related notes for the year ended 31 December 2023 and have acknowledged your responsibility for them, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation. |
We have not been instructed to carry out an audit or a review of the financial statements of Clonmore Wholesale LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information. |
Chartered Accountants |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
CLONMORE WHOLESALE LLP (REGISTERED NUMBER: NC001478) |
Income Statement |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(5,157 | ) | 13,975 |
Other operating income |
OPERATING PROFIT |
Interest receivable and similar income |
133,523 | 132,894 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
0 |
130,068 |
129,451 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
130,068 |
129,451 |
Members' remuneration charged as an expense |
6 |
(130,068 |
) |
(129,451 |
) |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
CLONMORE WHOLESALE LLP (REGISTERED NUMBER: NC001478) |
Statement of Financial Position |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Property, plant and equipment | 7 |
CURRENT ASSETS |
Inventories | 8 |
Receivables | 9 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PAYABLES |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
405,857 |
262,525 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
405,857 |
262,525 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 12 | 405,857 | 262,525 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
CLONMORE WHOLESALE LLP (REGISTERED NUMBER: NC001478) |
Statement of Financial Position - continued |
31 DECEMBER 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
CLONMORE WHOLESALE LLP (REGISTERED NUMBER: NC001478) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Clonmore Wholesale LLP is registered in Northern Ireland. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
The financial statements of the LLP have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland", applying Section 1A of the Standard, issued by the Financial Reporting Council and in accordance with the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
3. | ACCOUNTING POLICIES |
Basis of preparation |
The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the LLP's financial statements. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property, plant and equipment |
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
Plant and machinery | - 25% Straight Line |
The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
Inventories |
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Cash flow statement |
The LLP has availed of the exemption in FRS 102 from the requirement to produce a cash flow statement because it is classed as a small LLP. |
CLONMORE WHOLESALE LLP (REGISTERED NUMBER: NC001478) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Members' remuneration |
Members' remuneration is treated as a charge against profits. It includes profits that are automatically divided between members by virtue of the members' agreement. A member's share in the Income Statement for the year is accounted for as an allocation of profits. |
4. | EMPLOYEE INFORMATION |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Foreign exchange differences |
6. | INFORMATION IN RELATION TO MEMBERS |
2023 | 2022 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of profit | 130,068 | 129,451 |
7. | PROPERTY, PLANT AND EQUIPMENT |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
8. | INVENTORIES |
2023 | 2022 |
£ | £ |
Inventories |
CLONMORE WHOLESALE LLP (REGISTERED NUMBER: NC001478) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | RECEIVABLES LESS THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade receivables |
Other receivables |
10. | PAYABLES LESS THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Loans |
Hire purchase contracts |
Trade payables |
VAT | 35,116 | 6,711 |
Accruals and deferred income |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Loans |
Hire purchase contracts |
12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members are unsecured and would rank equally with other unsecured creditors in the event of a winding up. |