Limited Liability Partnership registration number OC334046 (England and Wales)
MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
CONTENTS
Page
Balance sheet
2 - 3
Reconciliation of members' interests
7 - 8
Notes to the financial statements
4 - 10
MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

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. 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.

MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,538
26,847
Current assets
Stocks
230,790
111,633
Debtors
5
442,532
306,952
Cash at bank and in hand
168,988
46
842,310
418,631
Creditors: amounts falling due within one year
6
(383,186)
(240,677)
Net current assets
459,124
177,954
Total assets less current liabilities
482,662
204,801
Creditors: amounts falling due after more than one year
7
(23,746)
(38,747)
Net assets attributable to members
458,916
166,054
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
458,916
166,054
Total members' interests
Amounts due from members
(25,590)
(67,048)
Loans and other debts due to members
458,916
166,054
433,326
99,006

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 May 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved by the members and authorised for issue on 22 January 2025 and are signed on their behalf by:
22 January 2025
Mr Paul Mckee
Designated member
Limited Liability Partnership registration number OC334046 (England and Wales)
MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Black Graf LLP is a limited liability partnership incorporated in England and Wales. The registered office is 100 Baker Street, London, W1U 6WG.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with 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 applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

1.3
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. Undivided 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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% Reducing Balance
Computers
33.33% on cost
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

1.7
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits and post retirement payments to members

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.

 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
166,055
Amounts due from members
(67,048)
Members' interests at 1 June 2023
-
99,007
99,007
99,007
Profit for the financial year available for discretionary division among members
1,360,582
-
-
1,360,582
Members' interests after profit for the year
1,360,582
99,007
99,007
1,459,589
Allocation of profit for the financial year
(1,360,582)
1,360,582
1,360,582
-
Drawings on account and distributions of profit
-
(1,026,263)
(1,026,263)
(1,026,263)
Members' interests at 31 May 2024
-
433,326
433,326
433,326
Amounts due to members
458,916
Amounts due from members, included in debtors
(25,590)
433,326
MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
177,275
Amounts due from members
(53,558)
Members' interests at 1 June 2022
-
123,717
123,717
123,717
Profit for the financial year available for discretionary division among members
281,243
-
-
281,243
Members' interests after profit for the year
281,243
123,717
123,717
404,960
Allocation of profit for the financial year
(281,243)
281,243
281,243
-
Drawings on account and distributions of profit
-
(305,953)
(305,953)
(305,953)
Members' interests at 31 May 2023
-
99,007
99,007
99,007
Amounts due to members
166,055
Amounts due from members, included in debtors
(67,048)
99,007
MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
12
6
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
220,382
44,965
10,499
275,846
Additions
-
4,298
-
4,298
At 31 May 2024
220,382
49,263
10,499
280,144
Depreciation and impairment
At 1 June 2023
200,125
38,967
9,907
248,999
Depreciation charged in the year
2,026
5,434
147
7,607
At 31 May 2024
202,151
44,401
10,054
256,606
Carrying amount
At 31 May 2024
18,231
4,862
445
23,538
At 31 May 2023
20,257
5,998
592
26,847
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
196,588
168,029
Amounts owed by members
25,590
67,048
Other debtors
220,354
71,875
442,532
306,952
MUSCATT BLACK GRAF LLP
(FORMERLY BLACK GRAF LLP)
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
193,105
143,513
Taxation and social security
142,401
48,508
Other creditors
47,680
48,656
383,186
240,677
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,746
38,747

A coronavirus £75,000 bank loan is repayable in monthly instalments over the course of 5 years and one month with effect from 31st May 2021.

 

8
Loans and other debts due to members

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

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