Clinton Ecurie LLP - Accounts to registrar (filleted) - small 23.1

REGISTERED NUMBER: OC380939 (England and Wales)

CLINTON ECURIE LLP

Unaudited Financial Statements

for the Year Ended 31 December 2022

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

T A Clinton

Mrs S M Clinton

REGISTERED OFFICE:

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

REGISTERED NUMBER:

OC380939 (England and Wales)

FIXED ASSETS

Tangible assets

4

4,734

-

Investment property

5

1,441,562

1,420,543

1,446,296

1,420,543

CURRENT ASSETS

Debtors

6

870

-

Cash at bank

26,410

90,533

27,280

90,533

CREDITORS

Amounts falling due within one year

7

170,874

164,482

NET CURRENT LIABILITIES

(143,594

)

(73,949

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,302,702

1,346,594

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

456,436

500,328

MEMBERS' OTHER INTERESTS

Fair value reserve

9

846,266

846,266

1,302,702

1,346,594

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

456,436

500,328

Members' other interests

846,266

846,266

1,302,702

1,346,594

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2022.

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.

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

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.

The financial statements were approved by the members of the LLP and authorised for issue on 25 July 2023 and were signed by:

T A Clinton - Designated member

1.	STATUTORY INFORMATION

Clinton Ecurie LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

As at the balance sheet date, the LLP has net current liabilities. However, included in creditors due within one year is an amount owing to companies under the control of the designated members and assurances have been given that these amounts will not be requested for repayment until such time as the LLP has sufficient funds to do so. Accordingly the designated members believe that the going concern basis of preparation is appropriate.

Significant judgements and estimates

The LLP operates as an investment property partnership. In accordance with the provisions of Financial Reporting Standard 102, the members review the fair value of the investment property at each financial year and and any gain or loss is taken to the profit and loss account. As any gain or loss on revaluation is a non-distributable item, a transfer is then made to a balance sheet fair value reserve so as to ensure that distributable and non-distributable reserve can be identified.

Turnover

Turnover represents rent receivable for the year excluding Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is included in the accounts at its most recent market value. No depreciation is charged which, whilst a departure from the Companies Act, is permitted by relevant accounting standards as any change to the property value is reflected on the balance sheet annually. Any deficit or surplus in the carrying value is taken to the revaluation reserve on the balance sheet.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

5,569

At 31 December 2022

5,569

DEPRECIATION

Charge for year

835

At 31 December 2022

835

NET BOOK VALUE

At 31 December 2022

4,734

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

1,420,543

Additions

21,019

At 31 December 2022

1,441,562

NET BOOK VALUE

At 31 December 2022

1,441,562

At 31 December 2021

1,420,543

Fair value at 31 December 2022 is represented by:

£

Valuation in 2016

496,266

Valuation in 2019

350,000

Cost

595,296

1,441,562

If investment property had not been revalued it would have been included at the following historical cost:

31/12/22

31/12/21

£

£

Cost

595,296

574,277

In accordance with the provisions of Financial Reporting Standard 102 the LLP reviewed the fair value of its investment property as at the balance sheet date and with reference to data provided by an external qualified consultant in 2017. The Members do not consider the fair value to be materially different as at 31 December 2022.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

£

£

Other debtors

870

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

£

£

Trade creditors

25,501

25,500

Other creditors

145,373

138,982

170,874

164,482

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31/12/22

31/12/21

£

£

Amounts owed to members in respect of profits

456,436

500,328

Falling due within one year

456,436

500,328

Loans and other debts due to members are unsecured, have no set date for repayment and carry no interest. Accordingly these debts are considered to rank equally with all other unsecured creditors.

9.

RESERVES

Fair

value

reserve

£

At 1 January 2022

and 31 December 2022

846,266