Limited Liability Partnership registration number OC359227 (England and Wales)
HME LOGISTICS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
HME LOGISTICS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
HME Group Limited
HME Technology Supplies Limited
LLP registration number
OC359227
Registered office
Priory House
Saxon Business Park
Hanbury Road, Stoke Prior
Bromsgrove
Worcestershire
B60 4AD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
47 High Street
Bromsgrove
Worcestershire
B61 8AW
HME LOGISTICS LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
HME LOGISTICS LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HME LOGISTICS LLP FOR THE YEAR ENDED 31 JULY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HME Logistics LLP for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of HME Logistics LLP, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of HME Logistics LLP and state those matters that we have agreed to state to the limited liability partnership's members of HME Logistics LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HME Logistics LLP and its members as a body, for our work or for this report.

It is your duty to ensure that HME Logistics LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HME Logistics LLP. You consider that HME Logistics LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of HME Logistics LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
5 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HME LOGISTICS LLP
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
45,535
51,708
Tangible assets
4
16,851
26,368
62,386
78,076
Current assets
Stocks
204,290
179,910
Debtors
5
539,763
283,525
Cash at bank and in hand
250
15,528
744,303
478,963
Creditors: amounts falling due within one year
6
(502,167)
(210,991)
Net current assets
242,136
267,972
Total assets less current liabilities
304,522
346,048
Creditors: amounts falling due after more than one year
7
(76,667)
(121,216)
Net assets attributable to members
227,855
224,832
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
40,724
37,701
Other amounts
187,131
187,131
227,855
224,832

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 July 2023 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships' regime.

HME LOGISTICS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved by the members and authorised for issue on 5 October 2023 and are signed on their behalf by:
05 October 2023
HME Group Limited
Designated member
Limited Liability Partnership registration number OC359227 (England and Wales)
HME LOGISTICS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Limited liability partnership information

HME Logistics LLP is a limited liability partnership incorporated in England and Wales. The registered office is Priory House, Saxon Business Park, Hanbury Road, Stoke Prior, Bromsgrove, Worcestershire, B60 4AD.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

HME LOGISTICS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software and website costs
20% on cost
Patents and licences
20% on cost
Development costs
20% on cost
1.6
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% on cost
Fixtures, fittings and equipment
25% on reducing balance
Computer equipment
20% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

HME LOGISTICS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
14
14
3
Intangible fixed assets
Goodwill
Software and website costs
Patents and licences
Development costs
Total
£
£
£
£
£
Cost
At 1 August 2022
65,227
3,500
8,333
25,992
103,052
Additions
-
9,895
-
-
9,895
At 31 July 2023
65,227
13,395
8,333
25,992
112,947
Amortisation and impairment
At 1 August 2022
21,335
2,550
6,667
20,792
51,344
Amortisation charged for the year
6,523
2,679
1,666
5,200
16,068
At 31 July 2023
27,858
5,229
8,333
25,992
67,412
Carrying amount
At 31 July 2023
37,369
8,166
-
-
45,535
At 31 July 2022
43,892
950
1,666
5,200
51,708
HME LOGISTICS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
10,110
4,231
32,124
37,652
84,117
Additions
-
-
1,274
-
1,274
At 31 July 2023
10,110
4,231
33,398
37,652
85,391
Depreciation and impairment
At 1 August 2022
4,026
2,526
24,320
26,877
57,749
Depreciation charged in the year
1,011
426
6,660
2,694
10,791
At 31 July 2023
5,037
2,952
30,980
29,571
68,540
Carrying amount
At 31 July 2023
5,073
1,279
2,418
8,081
16,851
At 31 July 2022
6,084
1,705
7,804
10,775
26,368
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
398,053
205,251
Other debtors
141,710
78,274
539,763
283,525
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
144,386
46,843
Trade creditors
237,499
116,934
Taxation and social security
39,063
17,261
Other creditors
81,219
29,953
502,167
210,991
HME LOGISTICS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
76,667
121,216

 

8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
24,324
-
Bank loans
196,729
168,059
221,053
168,059

Bank loans are secured by way of a fixed and floating charge over all assets of the LLP.

9
Loans and other debts due to members

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

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