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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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McQueen's Group LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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McQueen's Group LLP |
McQueen's Group LLP (Registered number: OC402495) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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McQueen's Group LLP |
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General Information |
for the Year Ended 31 March 2019 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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44 The Pantiles |
Tunbridge Wells |
Kent |
TN2 5TN |
McQueen's Group LLP (Registered number: OC402495) |
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Balance Sheet |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO
MEMBERS |
838,889 |
808,044 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
- |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 838,889 | 808,044 |
838,889 | 808,044 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 838,889 | 808,044 |
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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. |
McQueen's Group LLP (Registered number: OC402495) |
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Balance Sheet - continued |
31 March 2019 |
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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. |
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The financial statements were approved by the members of the LLP on
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McQueen's Group LLP (Registered number: OC402495) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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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. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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. |
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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. |
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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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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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. |
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Other income |
Profit share income from membership of buying groups is recognised when the right to that income is |
established. Interest income, including income arising from finance leases and other financial instruments, is |
recognised using the effective interest method. |
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Goodwill |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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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) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Pension costs and other post-retirement benefits |
The LLP contributes to personal pension schemes and the pension charge represents the amounts payable by the |
company to the funds in respect of the year. |
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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. |
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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. |
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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. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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McQueen's Group LLP (Registered number: OC402495) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | RELATED PARTY DISCLOSURES |
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During the year under review the LLP was charged a management fee of £52,500 (2018: £40,000) by the |
corporate member McQueen's Group Holdings Limited. |