REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
HUY (LONDON) LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
HUY (LONDON) LLP |
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HUY (LONDON) LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
First Floor, Templeback |
10 Temple back |
Bristol |
BS1 6FL |
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | $ | $ |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 7,507,500 | 7,507,500 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 7,507,500 | 7,507,500 |
7,507,500 | 7,507,500 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 7,507,500 | 7,507,500 |
Amounts due from members | 6 | (2,198,865 | ) | (2,556,184 | ) |
5,308,635 | 4,951,316 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Huy (London) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The Company’s functional and presentational currency is US dollars ($) and the financial statements have been rounded to the nearest dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Huy (London) LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements. |
Related party exemption |
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. |
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. |
Investments in subsidiaries |
Investments in subsidiaries and associates are held at fair value with increases recognised in other comprehensive income. |
A decrease in revaluation is recognised in other comprehensive income to the extent of any previous recognised revaluation increase. If a revaluation decrease exceeds the accumulated revaluation gains recognised in other comprehensive income, the excess shall be recognised in profit and loss. |
A revaluation of subsidiaries and associates is carried out annually using the equity values of the investments they hold to determine their values. |
Other investments |
Other investments are stated at purchase cost of acquisition, including any incidental costs. Where, in the opinion of the members, there has been a diminution in the value of the investments, appropriate provisions are made and charged to the income statement. |
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
Basic financial liabilities |
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 initially recognised at transaction price. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into US$ at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US$ at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2021 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
$ |
Cost |
At 1 January 2022 |
Disposals | ( |
) |
At 31 December 2022 |
Amortisation |
At 1 January 2022 |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | FIXED ASSET INVESTMENTS |
Interest |
Shares in | in other |
group | participating | Unlisted |
undertakings | interests | investments | Totals |
$ | $ | $ | $ |
Cost or valuation |
At 1 January 2022 | 1,659,036 | 3,726,982 |
Additions | - | 2,000,000 |
Disposals | (1,750,628 | ) | (1,750,628 | ) |
Revaluations | ( |
) | - | (48,117 | ) |
Exchange differences | 91,592 | ( |
) | 129,130 |
At 31 December 2022 | - | 4,057,367 |
Net book value |
At 31 December 2022 | - | 4,057,367 |
At 31 December 2021 | 1,659,036 | 3,726,982 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
$ | $ |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
$ | $ |
Loan receivable | - | 1,000,000 |
Loan interest receivable | - | 8,672 |
The loan receivable from the subsidiary was converted to an investment addition during the year. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
$ | $ |
Bank loans and overdrafts |