REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
QUARTET CAPITAL PARTNERS LLP |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
QUARTET CAPITAL PARTNERS LLP |
QUARTET CAPITAL PARTNERS LLP (REGISTERED NUMBER: OC345770) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
QUARTET CAPITAL PARTNERS LLP |
GENERAL INFORMATION |
for the year ended 31 May 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
QUARTET CAPITAL PARTNERS LLP (REGISTERED NUMBER: OC345770) |
BALANCE SHEET |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
457,210 |
380,855 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
258,355 |
182,000 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 619,800 | 619,800 |
Other reserves | 9 | ( |
) | ( |
) |
457,210 | 380,855 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 258,355 | 182,000 |
Members' other interests | 198,855 | 198,855 |
Amounts due from members | 6 | (33,328 | ) | - |
423,882 | 380,855 |
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 Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
QUARTET CAPITAL PARTNERS LLP (REGISTERED NUMBER: OC345770) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Quartet Capital Partners LLP is registered in England and Wales. 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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises revenue recognised by the LLP in respect of services supplied during the year, exclusive of value added tax. |
Tangible fixed assets |
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred. |
Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:- |
Fixtures and fittings | - | 33.33% on cost |
Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The partnership has a satisfactory capital position and as a consequence the members believe that the company is well placed to manage its business risks successfully. The members believe that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the members have adopted the going concern basis in preparing the financial statements. |
Members' profit share |
A member's share in the profit or the loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves". |
QUARTET CAPITAL PARTNERS LLP (REGISTERED NUMBER: OC345770) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
The taxation payable on profits is the personal liability of members during the year. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from members | 33,328 | - |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
QUARTET CAPITAL PARTNERS LLP (REGISTERED NUMBER: OC345770) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2024 |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of winding up, amounts in 'Loans and other debts due to members' (other than members' capital classified as debt) would rank pari passu with other creditors who are unsecured. There is no protection afforded to creditors in such an event which is legally enforceable and cannot be revoked solely by a decision of the members. |
The restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests' are those of the regulatory capital requirements of the FCA. |
9. | RESERVES |
Other |
reserves |
£ |
At 1 June 2023 | ( |
) |
At 31 May 2024 | ( |
) |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £396,083 (2023: £267,957). |
12. | POST BALANCE SHEET EVENTS |
On 29 October 2024, Quartet Capital Partners LLP acquired 25% of Deft Holdings Limited for £1.35million funded by a capital injection by C.G. McInnes. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is C.G. McInnes. |