Clipper BCS LLP - Accounts to registrar (filleted) - small 18.2
Clipper BCS LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 June 2022 to 31 March 2023 |
for |
Clipper BCS LLP |
Clipper BCS LLP (Registered number: OC395792) |
Contents of the Financial Statements |
for the Period 1 June 2022 to 31 March 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Clipper BCS LLP |
General Information |
for the Period 1 June 2022 to 31 March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Clipper BCS LLP (Registered number: OC395792) |
Balance Sheet |
31 March 2023 |
31/3/23 | 31/5/22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
75,219,278 |
59,676,510 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 75,219,278 | 59,676,510 |
75,219,278 | 59,676,510 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 75,219,278 | 59,676,510 |
Amounts due from members | 6 | (25,123,389 | ) | (26,438,456 | ) |
50,095,889 | 33,238,054 |
Clipper BCS LLP (Registered number: OC395792) |
Balance Sheet - continued |
31 March 2023 |
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. |
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 |
Clipper BCS LLP (Registered number: OC395792) |
Notes to the Financial Statements |
for the Period 1 June 2022 to 31 March 2023 |
1. | STATUTORY INFORMATION |
Clipper BCS 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. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Clipper BCS LLP (Registered number: OC395792) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Freehold property - 0% |
Property improvements - 10% RL |
Plant and machinery - 15% RL |
Fixtures and fittings - 10% RL |
Motor vehicles - 20% RL |
Equipment - 15% RL |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
Clipper BCS LLP (Registered number: OC395792) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Bloodstock is split into the following categories: |
Stud farm: |
Stallions and stallion shares |
Broodmares |
Yearlings |
Foals |
Racing: |
Horses in training. |
Bloodstock is valued individually at the lower of cost and net realisable value with the exception of horses that have been transferred to or from training. These are valued individually at the lower of valuation at the date of transfer and valuation at the balance sheet date. |
Stallions and stallion shares |
The book value of each stallion or stallion share is generally written off on a straight-line basis so that it is nil at the end of the year in which the stallion reaches fifteen years of age. In exceptional circumstances, where this method does not give a reasonable approximation of an individual stallion's net realisable value, a more appropriate valuation is used. It is not usually appropriate to adjust a stallion's book value upwards as there is limited market for older stallions. |
Broodmares |
The book value of each broodmare is considered on an annual basis and impairment adjustments are made where necessary. This is considered to be more appropriate than applying a systematic depreciation charge for this category of bloodstock. |
Foals and yearlings |
The cost of homebred foals is determined as the open market valuation of the appropriate nomination fee, or the actual fee paid, plus the cost of keeping the mare during the gestation period. The cost of foals and yearlings is increased by the cost of their keep from the date of their weaning, which is assumed to be 1st October, until they are sold or transferred to training. The cost of foals and yearlings is not depreciated. Impairment adjustments are made where necessary. |
Horses in training |
The book value of each horse in training is considered on an annual basis and impairment adjustments are made where necessary. This is considered to be more appropriate than applying a systematic depreciation charge for this category of bloodstock. |
Other inventories |
Other inventories comprise purchased fee and bedding valued at the lower of cost and net realisable value. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Clipper BCS LLP (Registered number: OC395792) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 31 March 2023 |
4. | EMPLOYEE INFORMATION |
The average number of employees during the period was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 May 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/5/22 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/5/22 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Clipper BCS LLP (Registered number: OC395792) |
Notes to the Financial Statements - continued |
for the Period 1 June 2022 to 31 March 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/23 | 31/5/22 |
£ | £ |
Hire purchase contracts |