Registration number:
Hedley 9 LLP
Annual Report and
Unaudited
Financial Statements
for the
Year Ended 30 June 2023
Hedley 9 LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Hedley 9 LLP
Limited liability partnership information
Designated members |
Amakhala Limited Peter McKenna Limited |
Registered office |
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Accountants |
Azets |
Hedley 9 LLP
(Registration number: OC314139)
Balance Sheet as at 30 June 2023
Note |
30 June 2023 |
30 June 2022 |
|
Fixed assets |
|||
Tangible assets |
- |
56,207 |
|
Current assets |
|||
Stocks |
- |
761,257 |
|
Debtors |
- |
793,748 |
|
Cash and short-term deposits |
- |
2,188,684 |
|
- |
3,743,689 |
||
Creditors: Amounts falling due within one year |
- |
(578,825) |
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Net current assets |
- |
3,164,864 |
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Net assets attributable to members |
- |
3,221,071 |
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Represented by: |
|||
Loans and other debts due to members |
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Other amounts |
- |
3,221,071 |
|
- |
3,221,071 |
||
Total members' interests |
|||
Loans and other debts due to members |
- |
3,221,071 |
|
- |
3,221,071 |
For the year ending 30 June 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Hedley 9 LLP
(Registration number: OC314139)
Balance Sheet as at 30 June 2023 (continued)
The financial statements of Hedley 9 LLP (registered number OC314139) were approved by the
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Hedley 9 LLP
Notes to the Financial Statements for the Year Ended 30 June 2023
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The LLP is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the LLP information page.
These financial statements have been prepared using the historical cost convention.
These financial statements are prepared in sterling which is the functional currency of the LLP.
Revenue recognition
Revenue is recognised to the extent that the LLP obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Tangible fixed assets
Individual fixed assets are initially recorded at cost.
Hedley 9 LLP
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
1 |
Accounting policies (continued) |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Long leasehold land and buildings |
Straight line over life of lease |
Fixtures and fittings |
20% straight line |
Office equipment |
33% reducing balance |
Work in progress
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Hedley 9 LLP
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 July 2022 |
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|
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Transfers |
( |
( |
( |
At 30 June 2023 |
- |
- |
- |
Depreciation |
|||
At 1 July 2022 |
|
|
|
Transfers |
( |
( |
( |
At 30 June 2023 |
- |
- |
- |
Net book value |
|||
At 30 June 2023 |
- |
- |
- |
At 30 June 2022 |
|
|
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Stocks |
30 June 2023 |
30 June 2022 |
|
Work in progress |
- |
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Debtors |
30 June 2023 |
30 June 2022 |
|
Trade debtors |
- |
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Prepayments and accrued income |
- |
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Total current trade and other debtors |
- |
793,748 |
Hedley 9 LLP
Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)
Creditors: Amounts falling due within one year |
30 June 2023 |
30 June 2022 |
|
Trade creditors |
- |
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Other creditors |
- |
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Accruals and deferred income |
- |
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Taxation and social security |
- |
|
- |
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Analysis of other amounts |
30 June 2023 |
30 June 2022 |
|
Money owed to members by the LLP in respect of profits |
- |
3,221,071 |
Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are pensions of £Nil (2022 - £12,566).
Control |
In the opinion of the members there is no ultimate controlling party.