Registered number
OC414174
Hibbert & Associates LLP
Filleted Accounts
31 March 2023
Hibbert & Associates LLP
Registered number: OC414174
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,410 18,093
Current assets
Debtors 4 - 6,960
Cash at bank and in hand 6,457 2,947
6,457 9,907
Creditors: amounts falling due within one year 5 - (3,699)
Net current assets 6,457 6,208
Total assets less current liabilities 16,867 24,301
Net assets attributable to members 16,867 24,301
Represented by:
Loans and other debts due to members 6 29,396 34,199
Members' other interests
Other reserves (12,529) (9,898)
16,867 24,301
Total members' interests
Loans and other debts due to members 6 29,396 34,199
Members' other interests (12,529) (9,898)
16,867 24,301
For the year ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 30 September 2023 and signed on their behalf by:
Neil Hibbert
Designated member
Hibbert & Associates LLP
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 4 years
Computers over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Computers Motor vehicles Total
£ £ £
Cost
At 1 April 2022 2,180 30,045 32,225
At 31 March 2023 2,180 30,045 32,225
Depreciation
At 1 April 2022 2,008 12,124 14,132
Charge for the year 172 7,511 7,683
At 31 March 2023 2,180 19,635 21,815
Net book value
At 31 March 2023 - 10,410 10,410
At 31 March 2022 172 17,921 18,093
4 Debtors 2023 2022
£ £
Trade debtors - 6,960
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 105
Other taxes and social security costs - 1,844
Other creditors - 1,750
- 3,699
6 Loans and other debts due to members 2023 2022
£ £
Loans from members 5,094 -
Amounts due to members in respect of profits 24,302 34,199
29,396 34,199
Amounts falling due within one year 29,396 34,199
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Hibbert & Associates LLP is a limited liability partnership incorporated in England. Its registered office is:
Kelmscot
Hattingley Road
Medstead
Hampshire
GU34 5NQ
Hibbert & Associates LLP OC414174 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2022 Neil Hibbert No description of principal activity OC414174 2021-04-01 2022-03-31 OC414174 core:WithinOneYear 2022-03-31 OC414174 1 2022-03-31 OC414174 core:RetainedEarningsAccumulatedLosses 2022-03-31 OC414174 2022-04-01 2023-03-31 OC414174 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC414174 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC414174 bus:PartnerLLP20 2022-04-01 2023-03-31 OC414174 3 2022-04-01 2023-03-31 OC414174 1 2022-04-01 2023-03-31 OC414174 2 2022-04-01 2023-03-31 OC414174 4 2022-04-01 2023-03-31 OC414174 core:PlantMachinery 2022-04-01 2023-03-31 OC414174 core:Vehicles 2022-04-01 2023-03-31 OC414174 countries:England 2022-04-01 2023-03-31 OC414174 bus:FRS102 2022-04-01 2023-03-31 OC414174 bus:FullAccounts 2022-04-01 2023-03-31 OC414174 2023-03-31 OC414174 core:WithinOneYear 2023-03-31 OC414174 1 2023-03-31 OC414174 core:RetainedEarningsAccumulatedLosses 2023-03-31 OC414174 core:PlantMachinery 2023-03-31 OC414174 core:Vehicles 2023-03-31 OC414174 2022-03-31 OC414174 core:PlantMachinery 2022-03-31 OC414174 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure