Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseNo description of principal activity3947trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC304357 2023-04-01 2024-03-31 OC304357 2022-04-01 2023-03-31 OC304357 2024-03-31 OC304357 2023-03-31 OC304357 c:Buildings 2023-04-01 2024-03-31 OC304357 c:Buildings 2024-03-31 OC304357 c:Buildings 2023-03-31 OC304357 c:Buildings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304357 c:PlantMachinery 2023-04-01 2024-03-31 OC304357 c:PlantMachinery 2024-03-31 OC304357 c:PlantMachinery 2023-03-31 OC304357 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304357 c:MotorVehicles 2023-04-01 2024-03-31 OC304357 c:MotorVehicles 2024-03-31 OC304357 c:MotorVehicles 2023-03-31 OC304357 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304357 c:FurnitureFittings 2023-04-01 2024-03-31 OC304357 c:FurnitureFittings 2024-03-31 OC304357 c:FurnitureFittings 2023-03-31 OC304357 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304357 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304357 c:CurrentFinancialInstruments 2024-03-31 OC304357 c:CurrentFinancialInstruments 2023-03-31 OC304357 c:Non-currentFinancialInstruments 2024-03-31 OC304357 c:Non-currentFinancialInstruments 2023-03-31 OC304357 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC304357 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC304357 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC304357 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC304357 d:FRS102 2023-04-01 2024-03-31 OC304357 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC304357 d:FullAccounts 2023-04-01 2024-03-31 OC304357 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC304357 d:PartnerLLP2 2023-04-01 2024-03-31 OC304357 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC304357 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC304357 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC304357 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC304357 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC304357










G.L.MOORE RACING LIMITED LIABILITY 
PARTNERSHIP

UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
 






 



 







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CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of G.L.Moore Racing Limited Liability Partnership for the year ended 31 March 2024 which comprise the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated [date]Our work has been undertaken solely to prepare for your approval the financial statements of G.L.Moore Racing Limited Liability Partnership  and state those matters that we have agreed to state to the G.L.Moore Racing Limited Liability Partnership's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.L.Moore Racing Limited Liability Partnership and its members for our work or for this report. 

It is your duty to ensure that G.L.Moore Racing Limited Liability Partnership has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G.L.Moore Racing Limited Liability Partnership. You consider that G.L.Moore Racing Limited Liability Partnership is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of G.L.Moore Racing Limited Liability Partnership. 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 statutory financial statements.

  



Wellden Turnbull Limited
Chartered Accounts
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
29 January 2025
Page 1

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
REGISTERED NUMBER: OC304357

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
                                                                      Note  
£
£

Fixed assets
  

Tangible assets
 3 
3,210,769
3,191,560

Current assets
  

Stocks
 5 
120,879
122,658

Debtors: amounts falling due within one year
 6 
257,899
262,230

Cash at bank and in hand
  
156,572
286,883

  
535,350
671,771

Creditors: amounts falling due within one year
 7 
(489,841)
(590,281)

Net current assets
  
 
 
45,509
 
 
81,490

Total assets less current liabilities
  
3,256,278
3,273,050

Creditors: amounts falling due after more than one year
 8 
(671,364)
(760,774)

  
2,584,914
2,512,276

Net assets
  
2,584,914
2,512,276

Page 2

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
REGISTERED NUMBER: OC304357

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
                                                                      Note  
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
2,654,305
2,383,109

Members' other interests
  

Members' capital classified as equity
  
3
2

Other reserves classified as equity

  

(69,394)
129,165

  
 
(69,391)
 
129,167

  
2,584,914
2,512,276


Total members' interests
  

Loans and other debts due to members
 9 
2,654,305
2,383,109

Members' other interests
  
(69,391)
129,167

  
2,584,914
2,512,276


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

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 


Mrs J Moore
Designated member

Date: 29 January 2025

The notes on pages 5 to 10 form part of these financial statements.

G.L.Moore Racing Limited Liability Partnership has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
258,417
258,417
-
-
258,417

Members' interests after profit for the year
2
420,584
420,586
2,319,950
2,319,950
2,740,536

Other division of profits
-
-
-
291,417
291,417
291,417

Movement in reserves
-
(291,417)
(291,417)
-
-
(291,417)

Amounts introduced by members
-
-
-
(3,350)
(3,350)
(3,350)

Drawings on account and distribution of profit
-
-
-
(224,909)
(224,909)
(224,909)

Amounts due to members
2,383,109
2,383,109

Balance at 31 March 2023
2
129,165
129,167
2,383,109
2,383,109
2,512,276

Profit for the year available for discretionary division among members
 
-
252,246
252,246
-
-
252,246

Members' interests after profit for the year
2
381,411
381,413
2,383,109
2,383,109
2,764,522

Other division of profits
-
-
-
450,805
450,805
450,805

Movement in reserves
-
(450,805)
(450,805)
-
-
(450,805)

Amounts introduced by members
1
-
1
-
-
1

Drawings on account and distribution of profit
-
-
-
(179,609)
(179,609)
(179,609)

Amounts due to members
2,654,305
2,654,305

Balance at 31 March 2024 
3
(69,394)
(69,391)
2,654,305
2,654,305
2,584,914

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

GL Moore Racing LLP is a private partnership registered in England and Wales, registration number OC304357. The address of the registered office is Albany House, Claremont Lane, Esher, Surrey KT10 9FQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

  
2.2

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.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.4

Members' remuneration and division of profits

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 
2.5

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Buildings - over 100 years, Roof - over 70 years, Stables - over 50 years
Plant and machinery
-
over 4 years
Motor vehicles
-
over 4 years
Fixtures and fittings
-
over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

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.

Page 6

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.9

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.

Items under finance leases and hire purchase are secured over the asset to which they relate to.

 
2.10

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

Page 7

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.11

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.


3.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
3,966,186
456,633
111,830
157,092
4,691,741


Additions
-
10,497
64,600
-
75,097


Disposals
-
-
(18,000)
-
(18,000)



At 31 March 2024

3,966,186
467,130
158,430
157,092
4,748,838



Depreciation


At 1 April 2023
814,642
452,803
77,330
155,406
1,500,181


Charge for the year on owned assets
28,565
3,983
17,586
774
50,908


Disposals
-
-
(13,020)
-
(13,020)



At 31 March 2024

843,207
456,786
81,896
156,180
1,538,069



Net book value



At 31 March 2024
3,122,979
10,344
76,534
912
3,210,769



At 31 March 2023
3,151,544
3,830
34,500
1,686
3,191,560


4.


Employees

The average number of employees during the year was 39 (2023 - 47)


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
120,879
122,658


Page 8

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
220,885
215,423

Other debtors
4,738
-

Prepayments and accrued income
32,278
46,808

257,901
262,231



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
161,089
161,089

Trade creditors
155,216
191,391

Other taxation and social security
93,480
134,730

Obligations under finance lease and hire purchase contracts
18,511
14,041

Other creditors
4,579
4,320

Accruals and deferred income
56,966
84,710

489,841
590,281



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
638,096
759,551

Net obligations under finance leases and hire purchase contracts
33,270
1,223

671,366
760,774


Page 9

 
G.L.MOORE RACING LIMITED LIABILITY PARTNERSHIP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
2,654,305
2,383,109

Loans and other debts due to members may be further analysed as follows:

The HSBC bank loans are secured by way of a fixed and floating charge over the undertaking and all property and assets present and future.


2024
2023
£
£



Falling due within one year
2,654,305
2,383,109

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


10.


Controlling party

The Limited Liability Partnership was under the control of G L Moore and J Moore throughout the current and previous year.
Page 10