Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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448,895 | 406,032 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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2,896,039 | 2,901,336 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 958,776 | 1,010,374 | ||
Total assets less current liabilities | 1,407,671 | 1,416,406 | ||
Provision for liabilities | 8 | (
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 867,428 | 906,163 | ||
867,428 | 906,163 | |||
Members' other interests | ||||
Members' capital classified as equity | 440,243 | 440,243 | ||
440,243 | 440,243 | |||
1,307,671 | 1,346,406 | |||
Total members' interests | ||||
Loans and other debts due to members | 867,428 | 906,163 | ||
Members' other interests | 440,243 | 440,243 | ||
1,307,671 | 1,346,406 |
Members' responsibilities:
The financial statements of Hartnell Taylor Cook LLP (registered number:
S Howell
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
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Members' capital (classified as equity) | Other amounts | Total | |
£ | £ | £ | |
Amounts due from members | 512,485 | ||
Balance at 01 May 2021 | 440,243 | 512,485 | 952,728 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 2,076,959 | 2,076,959 |
Members' interest after result for the financial year | 440,243 | 2,589,444 | 3,029,687 |
Drawings | 0 | (1,150,424) | (1,150,424) |
Tax payments | 0 | (532,857) | (532,857) |
Amounts due to members | 906,163 | ||
Balance at 30 April 2022 | 440,243 | 906,163 | 1,346,406 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 1,777,053 | 1,777,053 |
Members' interest after result for the financial year | 440,243 | 2,683,216 | 3,123,459 |
Drawings | 0 | (1,505,207) | (1,505,207) |
Tax payments | 0 | (474,290) | (474,290) |
Introduced by members | 0 | 163,709 | 163,709 |
Amounts due to members | 867,428 | ||
Balance at 30 April 2023 | 440,243 | 867,428 | 1,307,671 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Hartnell Taylor Cook LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Nightingale House Redland Hill, Redland, Bristol, BS6 6SH, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Website costs |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Intangible assets are not amortised until the assets are available for use.
Leasehold improvements | depreciated over the life of the lease |
Vehicles |
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Fixtures and fittings |
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Computer equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The LLP as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The accounts have been restated to incorporate the impact of a reclassification of direct costs from adminstrative expenses and rental income from administrative expenses. The change has resulted adminstrative expenses decreasing by £53,916 in the year ended 30 April 2022, with cost of sales increasing by £74,388 and turnover increasing by £20,472.
There is no change to the net profit for the year.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP, including members, during the year |
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Website costs | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2022 |
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At 30 April 2023 |
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Accumulated amortisation | |||
At 01 May 2022 |
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Charge for the financial year |
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At 30 April 2023 |
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Net book value | |||
At 30 April 2023 |
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At 30 April 2022 |
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Leasehold improve- ments |
Vehicles | Fixtures and fittings | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 May 2022 |
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Additions |
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Disposals |
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At 30 April 2023 |
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Accumulated depreciation | |||||||||
At 01 May 2022 |
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Charge for the financial year |
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Disposals |
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At 30 April 2023 |
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Net book value | |||||||||
At 30 April 2023 |
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At 30 April 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 May 2022 |
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At 30 April 2023 |
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Carrying value at 30 April 2023 |
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Carrying value at 30 April 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to fellow subsidiaries |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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Amounts owed to Group undertakings are repayable on demand and do not bear interest.
2023 | 2022 | ||
£ | £ | ||
Other provisions |
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Other | Total | ||
£ | £ | ||
At 01 May 2022 |
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70,000 | |
Charged to the Statement of Comprehensive Income |
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30,000 | |
At 30 April 2023 |
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100,000 | |
Commitments
Capital commitments are as follows:
2023 | 2022 | ||
£ | £ | ||
Contracted for but not provided for: | |||
- finance leases entered into |
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Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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