G Herbert Banks LLP OC344076 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Land Agency & Auctioneering Digita Accounts Production Advanced 6.30.9574.0 true OC344076 2022-04-01 2023-03-31 OC344076 2023-03-31 OC344076 core:OtherReservesSubtotal 2023-03-31 OC344076 core:CurrentFinancialInstruments 2023-03-31 OC344076 core:WithinOneYear 2023-03-31 OC344076 core:FurnitureFittings 2023-03-31 OC344076 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 OC344076 core:OfficeEquipment 2023-03-31 OC344076 bus:SmallEntities 2022-04-01 2023-03-31 OC344076 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC344076 bus:FullAccounts 2022-04-01 2023-03-31 OC344076 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC344076 bus:RegisteredOffice 2022-04-01 2023-03-31 OC344076 bus:PartnerLLP1 2022-04-01 2023-03-31 OC344076 bus:PartnerLLP2 2022-04-01 2023-03-31 OC344076 bus:PartnerLLP5 2022-04-01 2023-03-31 OC344076 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC344076 core:FurnitureFittings 2022-04-01 2023-03-31 OC344076 core:LandBuildings 2022-04-01 2023-03-31 OC344076 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 OC344076 core:OfficeEquipment 2022-04-01 2023-03-31 OC344076 countries:AllCountries 2022-04-01 2023-03-31 OC344076 2022-03-31 OC344076 core:FurnitureFittings 2022-03-31 OC344076 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 OC344076 core:OfficeEquipment 2022-03-31 OC344076 2021-04-01 2022-03-31 OC344076 2022-03-31 OC344076 core:OtherReservesSubtotal 2022-03-31 OC344076 core:CurrentFinancialInstruments 2022-03-31 OC344076 core:WithinOneYear 2022-03-31 OC344076 core:FurnitureFittings 2022-03-31 OC344076 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 OC344076 core:OfficeEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: OC344076

G Herbert Banks LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

G Herbert Banks LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

G Herbert Banks LLP

Limited liability partnership information

Designated members

Mr R G F Banks

Mr T Gaston

Mr R Parry
 

Registered office

The Estate Office
Hill House
Great Witley
Worcs
WR6 6JB

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

G Herbert Banks LLP

(Registration number: OC344076)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

7,433

8,623

Current assets

 

Stocks

-

2,028

Debtors

4

132,599

178,764

Cash and short-term deposits

 

178,071

209,167

 

310,670

389,959

Creditors: Amounts falling due within one year

6

(71,486)

(54,876)

Net current assets

 

239,184

335,083

Net assets attributable to members

 

246,617

343,706

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

165,618

262,703

Members’ other interests

 

Members' capital classified as equity

 

81,000

81,000

Other reserves

 

(1)

3

 

80,999

81,003

   

246,617

343,706

Total members' interests

 

Loans and other debts due to members

 

165,618

262,703

Equity

 

80,999

81,003

   

246,617

343,706

For the year ending 31 March 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 provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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.

 

G Herbert Banks LLP

(Registration number: OC344076)
Balance Sheet as at 31 March 2023 (continued)

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.

The financial statements of G Herbert Banks LLP (registered number OC344076) were approved by the Board and authorised for issue on 9 November 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mr R G F Banks
Designated member

.........................................
Mr T Gaston
Designated member

.........................................
Mr R Parry
Designated member

 

G Herbert Banks LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

1

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 with the Statement of Recommended Practice (SORP) for LLP's issued in January 2017.

General information and basis of accounting

The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership 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.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.

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

Office equipment

20% on reducing balance

Land and buildings

33.33% straight line

Fixtures and fittings

20% on reducing balance

 

G Herbert Banks LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

1

Accounting policies (continued)

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 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 limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 limited liability partnership 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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 15 (2022 - 15).

 

G Herbert Banks LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

3

Tangible fixed assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 April 2022

15,226

4,412

43,264

62,902

Additions

1,000

399

-

1,399

At 31 March 2023

16,226

4,811

43,264

64,301

Depreciation

At 1 April 2022

15,226

4,117

34,936

54,279

Charge for the year

333

174

2,082

2,589

At 31 March 2023

15,559

4,291

37,018

56,868

Net book value

At 31 March 2023

667

520

6,246

7,433

At 31 March 2022

-

295

8,328

8,623

Included within the net book value of land and buildings above is Nil (2022 - Nil) in respect of freehold land and buildings and 667 (2022 - Nil) in respect of leaseholds.
 

4

Stocks

2023
 £

2022
 £

Work in progress

-

2,028

5

Debtors

2023
 £

2022
 £

Trade debtors

118,579

166,344

Other debtors

100

-

Prepayments and accrued income

13,920

12,420

Total current trade and other debtors

132,599

178,764

 

G Herbert Banks LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

5,287

7,291

Other creditors

-

1,115

Accruals and deferred income

8,698

11,954

Taxation and social security

57,501

34,516

71,486

54,876