Limited Liability Partnership Registration No. OC344808 (England and Wales)
HHE NUMBER 1 LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2023
31 May 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
HHE NUMBER 1 LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 6
HHE NUMBER 1 LLP
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
866,903
103,611
Current assets
Debtors
4
873
1,277
Cash at bank and in hand
13,015
187
13,888
1,464
Creditors: amounts falling due within one year
5
(777,687)
(10,964)
Net current liabilities
(763,799)
(9,500)
Total assets less current liabilities and net assets attributable to members
103,104
94,111
Represented by:
Loans and other debts due to members within one year
Other amounts
(506,520)
(508,520)
Members' other interests
Members' capital classified as equity
1,428,089
1,428,089
Other reserves classified as equity
(818,465)
(825,458)
103,104
94,111

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 May 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.

The financial statements were approved by the members and authorised for issue on 31 January 2024 and are signed on their behalf by:
31 January 2024
A Chaytow
Designated member
Limited Liability Partnership registration number OC344808 (England and Wales)
HHE NUMBER 1 LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 June 2022
1,428,089
(825,461)
602,628
(508,520)
(508,520)
94,108
Profit for the financial year available for discretionary division among members
-
6,996
6,996
-
-
6,996
Members' interests after profit for the year
1,428,089
(818,465)
609,624
(508,520)
(508,520)
101,104
Introduced by members
-
-
-
2,000
2,000
2,000
Members' interests at 31 May 2023
1,428,089
(818,465)
609,624
(506,520)
(506,520)
103,104
HHE NUMBER 1 LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 June 2021
1,328,089
(824,050)
504,039
(508,520)
(508,520)
(4,481)
Loss for the financial year available for discretionary division among members
-
(1,408)
(1,408)
-
-
(1,408)
Members' interests after loss for the year
1,328,089
(825,458)
502,631
(508,520)
(508,520)
(5,889)
Introduced by members
100,000
-
100,000
-
-
100,000
Members' interests at 31 May 2022
1,428,089
(825,458)
602,631
(508,520)
(508,520)
94,111
HHE NUMBER 1 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Limited liability partnership information

HHE Number 1 LLP is a limited liability partnership incorporated in England and Wales. The registered office is Lester House, 19-21 Broad Street, Bury, Lancashire, BL9 0DA.

 

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 are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Turnover

Property rental income is recognised evenly over the period of the lease, with the value of any incentives provided recognised over the minimum period of the lease.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

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
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

HHE NUMBER 1 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Investment property
2023
£
Fair value
At 1 June 2022
103,611
Additions through external acquisition
763,292
At 31 May 2023
866,903
HHE NUMBER 1 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
3
Investment property
(Continued)
- 6 -

The property value is determined by the members to reflect the open market value at the balance sheet date. The members do not have formal qualifications in property valuations but are involved in letting of residential property in the area of the company's activities. The members have placed considerable reliance on the actual and expected rental yields from this property in arriving at this value. In the event of a forced realisation of the property, the actual value achieved could be significantly different to this.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
496
Other debtors
873
781
873
1,277
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
1,882
Other taxation and social security
2,090
37
Other creditors
766,026
7,419
Accruals and deferred income
9,571
1,626
777,687
10,964

Included in other creditors are amounts of £765,436 (2022: 7,069) owed by the LLP to a related party.

6
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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