Limited Liability Partnership Registration No. OC316525 (England and Wales)
Carol Hayes Management LLP
Annual report and unaudited financial statements
For the year ended 30 June 2023
Pages for filing with registrar
CAROL HAYES MANAGEMENT LLP
Carol Hayes Management LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 6
CAROL HAYES MANAGEMENT LLP
Carol Hayes Management LLP
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
5,000
5,000
Creditors: amounts falling due within one year
4
(132,329)
(132,329)
Net current liabilities
(127,329)
(127,329)
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(127,329)
(127,329)
Total members' interests
Loans and other debts due to members
(127,329)
(127,329)

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 June 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 22 March 2024 and are signed on their behalf by:
22 March 2024
C Hayes
Designated member
Limited Liability Partnership Registration No. OC316525
CAROL HAYES MANAGEMENT LLP
Carol Hayes Management LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2023
£
£
£
Amounts due to members
(127,329)
Members' interests at 1 July 2022
(127,329)
(127,329)
(127,329)
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss for the year
(127,329)
(127,329)
(127,329)
Members' interests at 30 June 2023
(127,329)
(127,329)
(127,329)
CAROL HAYES MANAGEMENT LLP
Carol Hayes Management LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2022
£
£
£
Amounts due to members
(127,329)
Members' interests at 1 July 2021
(127,329)
(127,329)
(127,329)
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss for the year
(127,329)
(127,329)
(127,329)
Members' interests at 30 June 2022
(127,329)
(127,329)
(127,329)
CAROL HAYES MANAGEMENT LLP
Carol Hayes Management LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Limited liability partnership information

Carol Hayes Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

 

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 2018, 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, 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
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.

1.3
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.

1.4
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.

CAROL HAYES MANAGEMENT LLP
Carol Hayes Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.5
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
CAROL HAYES MANAGEMENT LLP
Carol Hayes Management LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
5,000
5,000
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,188
66,188
Taxation and social security
1,736
1,736
Other creditors
64,405
64,405
132,329
132,329
5
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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