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Registered number: OC327960
Clare James Trade Parts LLP
Financial statements
Information for filing with the registrar
For the year ended 31 March 2026
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Clare James Trade Parts LLP
Statement of Comprehensive Income
For the year ended 31 March 2026
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the year before members' remuneration and profit shares available for discretionary division among members
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There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income.
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The notes on pages 4 to 9 form part of these financial statements.
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Clare James Trade Parts LLP
Registered number: OC327960
Balance Sheet
As at 31 March 2026
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Loans and other debts due to members within one year
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Loans and other debts due to members
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs 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:
The notes on pages 4 to 9 form part of these financial statements.
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Clare James Trade Parts LLP
Reconciliation of Members' Interests
For the year ended 31 March 2026
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Drawings on account and distribution of profit
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Other movement in members' interests
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Drawings on account and distribution of profit
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Other movement in members' interests
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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.
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Clare James Trade Parts LLP
Notes to the Financial Statements
For the year ended 31 March 2026
Clare James Trade Parts LLP is a Limited Liability Partnership (LLP number: OC327960) incorporated in England and Wales. The address of the registered office is The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, MK9 1FE.
The principal activity of the LLP during the year continued to be the supply of parts on behalf of Volkswagen Group United Kingdom through five VWG Trade Parts Specialist Centres.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Clare James Automotive Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.
Turnover represents the commission received for the supply of parts on behalf of Volkswagen Group United Kingdom.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
The LLP acts as an agent on behalf of Volkswagen Group United Kingdom Limited. The associated commission income is recognised within revenue in the period in which the related product is sold and receipt of payment can be assured.
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Clare James Trade Parts LLP
Notes to the Financial Statements
For the year ended 31 March 2026
2.Accounting policies (continued)
Expenses incurred whilst supplying the parts on behalf of Volkswagen Group United Kingdom Limited are recharged to Volkswagen Group United Kingdom Limited in accordance with the agency agreement. The receipt of the recharged expenses is shown as other operating income.
The allocation of profit to Members is subject to the provisions of the LLP Agreement. This agreement provides that monthly, each member may draw on their share of revenue profits, on account which is subject to Members' approval. Any profit over and above these drawings is only allocated after Members' approval by majority resolution.
Profits which are unallocated at the Balance Sheet date are shown in Members' liabilities for taxation arising from the profits of the LLP. Such provisions are shown in Loans and other debts due to Members.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Division and distribution of profits
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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.
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Clare James Trade Parts LLP
Notes to the Financial Statements
For the year ended 31 March 2026
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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Clare James Trade Parts LLP
Notes to the Financial Statements
For the year ended 31 March 2026
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flows expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
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Staff costs totalling £2,751,412 (2025: £2,533,959) were incurred of which £2,751,412 (2025: £2,533,959) were recharged to Volkswagen Group United Kingdom during the year.
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The average monthly number of employees, including members, during the year was 80 (2025 - 81).
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Clare James Trade Parts LLP
Notes to the Financial Statements
For the year ended 31 March 2026
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Clare James Trade Parts LLP
Notes to the Financial Statements
For the year ended 31 March 2026
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Commitments under operating leases
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At 31 March 2026 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The parent of the smallest group for which consolidated financial statements are drawn up of which the LLP is a member is Clare James Automotive Limited. The registered office of the parent is The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, MK9 1FE.
The ultimate controlling party of the Group is I J Rutter, by virtue of his majority shareholding.
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.
The audit report was signed on 23 October 2026 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
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