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Company No: OC357579 (England and Wales)

FREEDMAN + HILMI LLP

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

FREEDMAN + HILMI LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

FREEDMAN + HILMI LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
FREEDMAN + HILMI LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 13,713 46,347
13,713 46,347
Current assets
Debtors 4 687,593 527,667
Cash at bank and in hand 732,041 1,165,200
1,419,634 1,692,867
Creditors: amounts falling due within one year 5 ( 264,726) ( 260,229)
Net current assets 1,154,908 1,432,638
Total assets less current liabilities 1,168,621 1,478,985
Creditors: amounts falling due after more than one year 6 0 ( 19,354)
Provision for liabilities 7 ( 75,000) ( 50,000)
Net assets attributable to members 1,093,621 1,409,631
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 445,000 370,000
Other amounts 648,621 1,039,631
1,093,621 1,409,631
Members' other interests
0 0
1,093,621 1,409,631
Total members' interests
Loans and other debts due to members 9 1,093,621 1,409,631
1,093,621 1,409,631

For the financial year ending 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Freedman + Hilmi LLP (registered number: OC357579) were approved and authorised for issue by the Director on 13 November 2023. They were signed on its behalf by:

D Freedman
Designated member
M D Hilmi
Designated member
FREEDMAN + HILMI LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2023
FREEDMAN + HILMI LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2023
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as debt) Other amounts Total Total
£ £ £ £
Amounts due to members 405,000 1,520,046 1,925,046
Balance at 01 April 2021 405,000 1,520,046 1,925,046 1,925,046
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 3,025,255 3,025,255 3,025,255
Members' interest after result for the financial year 405,000 4,545,301 4,950,301 4,950,301
Repayment of capital (35,000) 0 (35,000) (35,000)
Drawings 0 (3,604,251) (3,604,251) (3,604,251)
Amounts introduced by members 0 101,896 101,896 101,896
Transfer to creditors on resignation 0 (3,315) (3,315) (3,315)
Amounts due to members 370,000 1,039,631 1,409,631
Balance at 31 March 2022 370,000 1,039,631 1,409,631 1,409,631
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 2,218,472 2,218,472 2,218,472
Members' interest after result for the financial year 370,000 3,258,103 3,628,103 3,628,103
Introduced by members 75,000 0 75,000 75,000
Drawings 0 (2,614,867) (2,614,867) (2,614,867)
Amounts introduced by members 0 5,385 5,385 5,385
Amounts due to members 445,000 648,621 1,093,621
Balance at 31 March 2023 445,000 648,621 1,093,621 1,093,621

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

FREEDMAN + HILMI LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
FREEDMAN + HILMI LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

Freedman + Hilmi 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 9th Floor, 101 Wigmore Street, London, W1U 1QU, 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 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ ["FRS 102"] 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 £.

Turnover

Turnover comprises amounts chargeable to clients in respect of professional services provided during the year, including recoverable expenses on client assignments, exclusive of Value Added Tax.

Services provided to clients during the year, which at the Statement of Financial Position date have not been billed to clients, have been recognised as turnover in accordance with Section 23 of FRS102: Revenue. Turnover recognised in this manner is based on an assessment of the fair value of services provided at the Statement of Financial Position date. Unbilled revenue is included in debtors.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

Taxation

The LLP is not subject to tax in its own right. Taxable profits and losses are allocated to the members in accordance with the allocation schedule set out in the LLP agreement and any liability for tax is members' own responsibility.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Vehicles 33 % reducing balance
Fixtures and fittings 4 years straight line
Computer equipment 3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Leases

The LLP as lessee
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 Statement of Comprehensive Income 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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and amounts owed to members.

Financial assets
Basic financial assets, including trade and other debtors and accrued income are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and amounts owed to members are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2. Employees

2023 2022
Number Number
Average monthly number of persons (including members with contracts of employment) employed during the year 11 12

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 45,211 112,283 28,911 186,405
Additions 0 1,240 4,764 6,004
Disposals ( 10,712) 0 0 ( 10,712)
At 31 March 2023 34,499 113,523 33,675 181,697
Accumulated depreciation
At 01 April 2022 43,157 83,611 13,290 140,058
Charge for the financial year 322 27,963 9,274 37,559
Disposals ( 9,633) 0 0 ( 9,633)
At 31 March 2023 33,846 111,574 22,564 167,984
Net book value
At 31 March 2023 653 1,949 11,111 13,713
At 31 March 2022 2,054 28,672 15,621 46,347

4. Debtors

2023 2022
£ £
Trade debtors 328,119 220,358
Other debtors 359,474 307,309
687,593 527,667

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 11,643 10,984
Other taxation and social security 196,953 195,490
Other creditors 56,130 53,755
264,726 260,229

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 0 19,354

There are no amounts included above in respect of which any security has been given.

7. Provision for liabilities

2023 2022
£ £
Other provisions 75,000 50,000

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 197,906 254,886
between one and five years 15,175 192,811
213,081 447,697

Pensions

The LLP operates a defined contribution pension scheme for the members and employees. The assets of the scheme are held separately from those of the entity in an independently administered fund. The contributions payable to the fund at the reporting date are:

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,284 3,208

9. Loans and other debts due to members

2023 2022
£ £
Members capital treated as debt 445,000 370,000
Other amounts due to members 648,621 1,039,631
1,093,621 1,409,631

Loans and other debts due to members may be further analysed as follows:

2023 2022
£ £
Falling due within one year 1,093,621 1,409,631

There is an automatic division of the profits to members of the LLP and these amounts have been charged to the Statement of Comprehensive Income as an expense.

Loans and other debts due to members rank equally with debts due to ordinary creditors.

The amount of capital each member is required to subscribe is determined, from time to time, by the designated members of the LLP and under the Members' Agreement, capital is repayable on retirement. Liabilities to former members are shown within other creditors.

10. Related party transactions

The designated members of the LLP are considered to be key management responsible for planning, directing and controlling the activities of the LLP. Transactions with these individuals and balances at the year-end were as follows:

2023 2022
£ £
Profits allocated to designated members 1,516,198 2,301,911
Amounts withdrawn by designated members 1,914,884 2,861,032
Amounts introduced by designated members 5,385 101,896
Amounts due to designated members 893,508 1,286,810