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REGISTERED NUMBER: OC373151 (England and Wales)












REPORT OF THE MEMBERS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

FOR

HFMC GROUP SERVICES LLP

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023










Page

General Information 1

Report of the Members 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Reconciliation of Members' Interests 9

Notes to the Financial Statements 11


HFMC GROUP SERVICES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5TH APRIL 2023







DESIGNATED MEMBERS: J N J Hoyland
R H Ibbotson
M E Waller
S Dunn
P Patient





REGISTERED OFFICE: Russell House
140 High Street
Edgware
Middlesex
HA8 7LW





REGISTERED NUMBER: OC373151 (England and Wales)





AUDITORS: Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 5TH APRIL 2023


The members present their report with the financial statements of the LLP for the year ended 5th April 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of a service business providing personnel and resources to related group entities.

REVIEW OF BUSINESS
Turnover for the period was £12,139,831 (2022: £11,606,457) with profits of £4,851,521 (2022: £4,516,438).

The Board monitors the progress of the company's performance and the individual strategic elements on a monthly basis by reference to three KPI's;
1. Profits
2. Cashflow
3. Turnover

DESIGNATED MEMBERS
The designated members during the year under review were:

J N J Hoyland
R H Ibbotson
M E Waller
S Dunn
P Patient

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £4,851,522 (2022 - £4,516,438 profit).

MEMBERS' INTERESTS
The capital requirements are determined from time to time by the members and each member is required to subscribe a proportion of this capital. No interest is paid on this capital.

The partnership operates a drawings policy which has regard to a cautious estimate of budgeted profits and restricts drawings to prudent levels until the results for the period and individual members' allocations have been determined. Members are required to make their own provisions for pensions and other benefits.

POLITICAL DONATIONS AND EXPENDITURE
The limited liability partnership made charitable donations of £6,635 (2022: £5,336) during the year.

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 5TH APRIL 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS
Moore Kingston Smith LLP were re-appointed as auditors to the Limited Liability Partnership and in accordance with Section 485 of the Companies Act 2006 (as applied to Limited Liability Partnerships), a resolution proposing that they be re-appointed will be put forward at the Annual General Meeting.

ON BEHALF OF THE MEMBERS:





P Patient - Designated member


3rd October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HFMC GROUP SERVICES LLP


Opinion
We have audited the financial statements of HFMC Group Services LLP (the 'LLP') for the year ended 5th April 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the LLP's affairs as at 5th April 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HFMC GROUP SERVICES LLP


Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HFMC GROUP SERVICES LLP


Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ian Matthews (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP

3rd October 2023

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 5TH APRIL 2023

2023 2022
Notes £    £   

TURNOVER 4 12,139,831 11,606,457

Cost of sales (3,206,906 ) (3,388,445 )
GROSS PROFIT 8,932,925 8,218,012

Administrative expenses (4,057,731 ) (3,673,037 )
OPERATING PROFIT 6 4,875,194 4,544,975

Interest receivable and similar income 5,364 86
4,880,558 4,545,061

Interest payable and similar expenses 7 (29,036 ) (28,623 )
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS



4,851,522



4,516,438


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

4,851,522

4,516,438

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

STATEMENT OF FINANCIAL POSITION
5TH APRIL 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 11 2,475,870 2,421,739
Cash at bank and in hand 1,179,760 1,221,698
3,655,630 3,643,437
CREDITORS
Amounts falling due within one year 12 (1,248,572 ) (1,137,407 )
NET CURRENT ASSETS 2,407,058 2,506,030
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 2,407,058 2,506,030

LOANS AND OTHER DEBTS DUE TO
MEMBERS

14

2,407,058

2,506,030

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 14 2,407,058 2,506,030

The financial statements were approved by the members of the LLP and authorised for issue on 3rd October 2023 and were signed by:




P Patient - Designated member




S Dunn - Designated member


HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 5TH APRIL 2023


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 2,498,797
Amount due from members -
Balance at 6th April 2022 - 2,498,797 2,498,797
Profit for the financial year available
for discretionary division among
members


4,851,522


-


4,851,522


Members' interests after profit for the
year

4,851,522

2,498,797

7,350,319

Other divisions of profit (4,851,522 ) 4,851,522 -
Introduced by members - 66,233 66,233
Drawings on account and
distributions of profit

-

(5,009,494

)

(5,009,494

)

Amount due to members 2,407,058
Amount due from members -
Balance at 5th April 2023 - 2,407,058 2,407,058

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 5TH APRIL 2023

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 1,871,794
Amount due from members -
Balance at 6th April 2021 - 1,871,794 1,871,794
Profit for the financial year available
for discretionary division among
members


4,516,438


-


4,516,438


Members' interests after profit for the
year

4,516,438

1,871,794

6,388,232

Other divisions of profit (4,516,438 ) 4,516,438 -
Introduced by members - 378,000 378,000
Drawings on account and
distributions of profit

-

(4,260,202

)

(4,260,202

)

Amount due to members 2,506,030
Amount due from members -
Balance at 5th April 2022 - 2,506,030 2,506,030

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


1. COMPANY INFORMATION

The entity is a Limited Liability Partnership incorporated in England and Wales. It's principal place of business is 29 St John's Lane, Clerkenwell, London, EC1M 4NA.

2. STATUTORY INFORMATION

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

3. 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" 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.

The financial statements are prepared in sterling, which is the functional currency of the LLP. Monetary items in these financial statements are rounded to the nearest pound.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Revenue

Revenue is measured at the fair value of consideration received or receivable, excluding discounts, value added tax and other sales taxes. Revenue arises from the rendering of services and is recognised when the service is provided and in accordance with the stage of completion

Financial Instruments

The LLP has elected to apply the provisions of Section 11 ' Basic Financial Instruments' and ' Section 12 ' Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the LLP's Statement of Financial Position when the Partnership becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and where material the changes in fair value are recognised in the Statement of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair value cannot be measured reliably are measured at cost less impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt instrument to the net carrying amount on initial recognition.

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


3. ACCOUNTING POLICIES- continued

Financial Reporting Standard 102 - reduced disclosure exemptions
The LLP has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Impairment of financial assets
Financial assets , other than those held at fair value are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from group undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest .

Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the LLP's obligations are discharged, cancelled, or they expire.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Taxation
Tax paid on the profits arising in the LLP are a personal tax liability of the members of the LLP and are not included as a tax provision within these financial statements.

Amounts due to members and members remuneration
Amounts due to members comprise of the Partners capital accounts which in turn comprise of capital introduced by the Partner, the Partners share of the profits of the LLP and any capital drawn by the Partners.

4. TURNOVER

Turnover for the year has been derived from the LLP's principal activities wholly undertaken in the United Kingdom. The LLP's turnover is derived from services.

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


5. EMPLOYEE INFORMATION
2023 2022
£    £   
Wages and salaries 4,310,489 4,295,741
Social security costs 493,512 441,021
Other pension costs 312,887 278,689
5,116,888 5,015,451

The average number of employees during the year was as follows:
2023 2022

Technical/Consultants 38 37
Support 33 35
Administration and Accounts 29 26
100 98

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 161,614 152,000
Auditors' remuneration 14,180 9,825

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other Interest - 9,570
Leasing 29,036 19,053
29,036 28,623

8. INFORMATION IN RELATION TO MEMBERS

2023 2022

The average number of members during the year was 25 25


2023 2022
£ £
The amount of profit attributable to the member with the largest entitlement was 630,400 506,816

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


9. INTANGIBLE FIXED ASSETS
Website
Costs
£   
COST
At 6th April 2022
and 5th April 2023 11,994
AMORTISATION
At 6th April 2022
and 5th April 2023 11,994
NET BOOK VALUE
At 5th April 2023 -
At 5th April 2022 -

10. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 6th April 2022
and 5th April 2023 14,983 97,690 112,673
DEPRECIATION
At 6th April 2022
and 5th April 2023 14,983 97,690 112,673
NET BOOK VALUE
At 5th April 2023 - - -
At 5th April 2022 - - -

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 2,181,410 2,098,319
Other debtors 1,526 3,532
Staff loans 452 2,720
HFMC Asset Management - 40,000
Prepayments and accrued income 292,482 277,168
2,475,870 2,421,739

Amounts owed to group undertakings and staff loans are interest free and repayable on demand. The difference between the amortised value and the carrying values above are deemed to be non-material

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 198,611 237,562
Amounts owed to group undertakings 500 -
Social security and other taxes 106,554 122,571
Other creditors 1,658 5,901
Accruals 941,249 771,373
1,248,572 1,137,407

Amounts owed to group undertakings are interest free and repayable on demand. The difference between the amortised value and the carrying value above is deemed to be non material.

13. FINANCIAL INSTRUMENTS

Carrying amount of financial assets
2023 2022
£    £   
Debt instruments measured at amortised cost 2,183,388 2,144,571


Carrying amount of financial liabilities
2023 2022
£    £   
Measured at amortised cost 1,142,019 1,014,836

14. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Amounts owed to members in respect of profits 2,407,058 2,506,030

Falling due within one year 2,407,058 2,506,030

In the event of winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

15. PENSION COMMITMENTS

The Partnership operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Partnership in an independently administered fund. The pension cost charge represents contributions payable by the Partnership to the fund.

20232022
££

Contributions payable for the period312,887278,689


HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


16. CONTINGENT LIABILITIES

The LLP is part of the HFMC Group Holdings Limited "VAT Group" and as such is joint and severally liable for the VAT liabilities of that group.

The company has provided security under a multilateral cross guarantee for the bank loan disclosed in the group consolidated financial statements, covering a number of entities under the control of HFMC Group Holdings Limited.

The company has given two fixed and floating charges over its assets in respect of lending facilities provided to HFMC Group Holdings Limited.

At the year end the outstanding liability amounted to £4,832,423 (£2022:£4,134,323)

17. OTHER FINANCIAL COMMITMENTS

Operating leases

At 5 April 2023 the Group was committed to making the following payments in the year to 5 April 2024 in respect of Land and Buildings:

20232022
Operating lease which expire: £ £
Within one year134,155177,917
Two to five years218,970110,799

353,125288,716

18. RELATED PARTY DISCLOSURES

The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Key management personnel

The total profit share allocated to key management personnel was £4,851,520 (2022: £4,516,438).

The entity incurred costs in respect of the provision of accountancy and consultancy services from a Partnership, where one of the members is a director in the LLP's parent company £2,170 (2022: £5,897)

During the year £70,463 (2022: £46,929) was paid to Veloce Motorsports Ltd. J N J Hoyland was a director of this company at the balance sheet date.


HFMC Asset Management

2023 2022

Amount due to related party at the Balance sheet date - 40,000
- 40,000

19. ULTIMATE CONTROLLING PARTY

The LLP is under the control of the board of directors of its parent company HFMC Wealth Holdings Limited.

HFMC GROUP SERVICES LLP (REGISTERED NUMBER: OC373151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2023


20. ULTIMATE PARENT COMPANY

The ultimate parent company is HFMC Wealth Holdings Limited, a company registered in England and Wales.

HFMC Wealth Holdings Limited prepares group financial statements and copies can be obtained from the Company Secretary, Russell House, 140 High Street, Edgware, Middlesex, United Kingdom, HA8 7LW.