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Registration number: OC389608

Hybrit LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Hybrit LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 9

Balance Sheet

2

Notes to the Financial Statements

4

 

Hybrit LLP

Limited liability partnership information

Designated members

Mr P S Forkgen

Mr J Parker
 

Members

Mrs M Forkgen

Mr N Cox

Mrs L Fitzgerald

Mrs S Cox

Mr G Hawthorn

Mrs S Kirby

Mrs L Hawthorn

Mr A Kirby

Mr I Mills

Mr D Landreth
 

Registered office

Building 3, Royal Ordnance Depot
Weedon Bec
Northampton
Northamptonshire
NN7 4PS

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Hybrit LLP

(Registration number: OC389608)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

25,642

39,417

Current assets

 

Debtors

82,465

444,282

Cash at bank

 

108,804

33,733

 

191,269

478,015

Creditors: Amounts falling due within one year

5

(215,209)

(514,353)

Net current liabilities

 

(23,940)

(36,338)

Net assets attributable to members

 

1,702

3,079

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

1,702

3,079

   

1,702

3,079

Total members' interests

 

Loans and other debts due to members

 

1,702

3,079

   

1,702

3,079

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

 

Hybrit LLP

(Registration number: OC389608)
Balance Sheet as at 31 March 2023 (continued)

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Hybrit LLP (registered number OC389608) were approved by the Board and authorised for issue on 22 December 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mr P S Forkgen
Designated member

 

Hybrit LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Hybrit LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Hybrit LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

1

Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Fixtures and fittings

15% Reducing balance

Computer equipment

25% Straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2022 - 0).

 

Hybrit LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

3

Tangible fixed assets

Plant and machinery
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 April 2022

32,200

33,835

80,987

147,022

Additions

-

3,280

2,002

5,282

Disposals

(32,200)

-

-

(32,200)

At 31 March 2023

-

37,115

82,989

120,104

Depreciation

At 1 April 2022

24,559

13,585

69,463

107,607

Charge for the year

1,528

3,307

8,107

12,942

Eliminated on disposals

(26,087)

-

-

(26,087)

At 31 March 2023

-

16,892

77,570

94,462

Net book value

At 31 March 2023

-

20,223

5,419

25,642

At 31 March 2022

7,642

20,250

11,525

39,417

4

Debtors

2023
 £

2022
 £

Trade debtors

71,612

420,197

Other debtors

10,853

171

Prepayments and accrued income

-

23,914

Total current trade and other debtors

82,465

444,282

 

Hybrit LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

5

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

7,933

78,270

Amounts owed to related party

13,804

20,610

Other creditors

5,560

147,185

Accruals and deferred income

132,828

100,681

Taxation and social security

55,084

167,607

215,209

514,353

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2023
 £

2022
 £

Barclays Bank Factoring Account

-

137,618

The Barclays Bank Factoring Account is secured by a fixed and floating charge over the LLP.

An associated company, HybrIT Services Limited, has secured creditors on which a fixed and floating charge over the assets of HybrIT LLP is held as well as over the assets in HybrIT Services Limited.


 

Hybrit LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

6

Related party transactions

Income and receivables from related parties

2023

Other related parties
£

Receipt of services

106,020

2022

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

499,971

Rendering of services

1,464,000

1,963,971

2022

Other related parties
£

Purchase of goods

426,851

Rendering of services

975,000

1,401,851

Loans to related parties

2022

Other related parties
£

At start of period

164,847

Repaid

(164,847)

At end of period

-

Loans from related parties

 

Hybrit LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

6

Related party transactions (continued)

2023

Other related parties
£

At start of period

20,610

Repaid

(6,806)

At end of period

13,804

2022

Other related parties
£

Advanced

20,610

Terms of loans from related parties

The above loans are interest free and repayable on demand.
The related party loan is included in other creditors.