Limited Liability Partnership registration number OC434140 (England and Wales)
THE HICKS PROPERTY PARTNERSHIP LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE HICKS PROPERTY PARTNERSHIP LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr A Hicks
Mr L Hicks
LLP registration number
OC434140
Registered office
Arrow Bridge
Grange Lane
Alvechurch
Birmingham
B48 7DJ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Colmore Row
PO Box 1000
Birmingham
West Midlands
BX1 1LT
THE HICKS PROPERTY PARTNERSHIP LLP
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 4
THE HICKS PROPERTY PARTNERSHIP LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE HICKS PROPERTY PARTNERSHIP LLP FOR THE YEAR ENDED 30 NOVEMBER 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 The Hicks Property Partnership LLP for the year ended 30 November 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 The Hicks Property Partnership 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 The Hicks Property Partnership LLP and state those matters that we have agreed to state to the limited liability partnership's members of The Hicks Property Partnership 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 The Hicks Property Partnership LLP and its members as a body, for our work or for this report.

It is your duty to ensure that The Hicks Property Partnership 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 The Hicks Property Partnership LLP. You consider that The Hicks Property Partnership 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 The Hicks Property Partnership 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
26 February 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THE HICKS PROPERTY PARTNERSHIP LLP
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
887,057
468,772
Current assets
Debtors
4
25,542
-
Cash at bank and in hand
5,493
1,795
31,035
1,795
Creditors: amounts falling due within one year
5
(18,041)
(16,289)
Net current assets/(liabilities)
12,994
(14,494)
Total assets less current liabilities and net assets attributable to members
900,051
454,278
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
900,051
454,278

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 30 November 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 26 February 2024 and are signed on their behalf by:
26 February 2024
Mrs L Hicks
Designated member
Limited Liability Partnership Registration No. OC434140
THE HICKS PROPERTY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information

The Hicks Property Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered office is Arrow Bridge, Grange Lane, Alvechurch, Birmingham, United Kingdom, B48 7DJ.

 

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

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
Investment properties

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.

 

 

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2022: 0).

THE HICKS PROPERTY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 December 2022
468,772
Additions through external acquisition
418,285
At 30 November 2023
887,057

The members have assessed the market value of the property and considers that there has been no significant change in the market value at the year end.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
25,542
-
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
73
71
Other creditors
17,968
16,218
18,041
16,289
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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