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REGISTERED NUMBER: OC402495 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

McQueen's Group LLP

McQueen's Group LLP (Registered number: OC402495)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McQueen's Group LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: S Chandarana
Mrs N Chandarana
McQueen's Group Holdings Limited
May & Thomson Ltd





REGISTERED OFFICE: 3 Hurst Place
Northwood
Middlesex
HA6 2JS





REGISTERED NUMBER: OC402495 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

McQueen's Group LLP (Registered number: OC402495)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 168,667 256,667
Tangible assets 5 14,464 16,300
183,131 272,967

CURRENT ASSETS
Stocks 61,550 59,750
Debtors 6 185,519 169,744
Cash at bank 362,551 413,620
609,620 643,114
CREDITORS
Amounts falling due within one year 7 166,004 170,092
NET CURRENT ASSETS 443,616 473,022
TOTAL ASSETS LESS CURRENT
LIABILITIES

626,747

745,989

CREDITORS
Amounts falling due after more than one
year

8

34,248

39,400
NET ASSETS ATTRIBUTABLE TO
MEMBERS

592,499

706,589

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 729,465 783,184
Other reserves (136,966 ) (76,595 )
592,499 706,589

TOTAL MEMBERS' INTERESTS
Members' other interests 592,499 706,589

McQueen's Group LLP (Registered number: OC402495)

Balance Sheet - continued
31 March 2024


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 12 November 2024 and were signed by:





S Chandarana - Designated member

McQueen's Group LLP (Registered number: OC402495)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

McQueen's Group 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed. Where amounts are received in advance the recognition is deferred until such a time that the above conditions have been met.

Other income
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. Government grants are recognised on an accruals basis in accordance with the substance of the relevant agreement.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

McQueen's Group LLP (Registered number: OC402495)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Pension costs and other post-retirement benefits
The LLP contributes to employee pension schemes and the pension charge represents the amounts payable by the company to the funds in respect of the year.

Provision for liabilities
Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 11 (2023 - 10 ) .

McQueen's Group LLP (Registered number: OC402495)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 880,000
AMORTISATION
At 1 April 2023 623,333
Charge for year 88,000
At 31 March 2024 711,333
NET BOOK VALUE
At 31 March 2024 168,667
At 31 March 2023 256,667

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 25,397
Additions 1,168
At 31 March 2024 26,565
DEPRECIATION
At 1 April 2023 9,097
Charge for year 3,004
At 31 March 2024 12,101
NET BOOK VALUE
At 31 March 2024 14,464
At 31 March 2023 16,300

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 142,799 126,101
Other debtors 42,720 43,643
185,519 169,744

McQueen's Group LLP (Registered number: OC402495)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,151 5,151
Trade creditors 153,994 155,450
Taxation and social security 4,118 3,876
Other creditors 2,741 5,615
166,004 170,092

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 34,248 39,400

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 12,296 17,448

9. RELATED PARTY DISCLOSURES

During the year under review the LLP was charged £84,500 (2023: £81,500) for professional services provided by an entity connected with the LLP and key management personnel.