Registration number:
G Herbert Banks LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2024
G Herbert Banks LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
G Herbert Banks LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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G Herbert Banks LLP
(Registration number: OC344076)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
32,285 |
165,618 |
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Members’ other interests |
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Members' capital classified as equity |
81,000 |
81,000 |
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113,285 |
246,618 |
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Total members' interests |
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Loans and other debts due to members |
32,285 |
165,618 |
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Equity |
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113,285 |
246,618 |
For the year ending 31 March 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
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.
G Herbert Banks LLP
(Registration number: OC344076)
Balance Sheet as at 31 March 2024
The financial statements of G Herbert Banks LLP (registered number OC344076) were approved by the
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G Herbert Banks LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
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 with the Statement of Recommended Practice (SORP) for LLP's issued in January 2017.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom 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.
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.
Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.
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 |
Office equipment |
20% on reducing balance |
Land and buildings |
33.33% straight line |
Fixtures and fittings |
20% on reducing balance |
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
G Herbert Banks LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
G Herbert Banks LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Long leasehold land and buildings |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is Nil (2023 - Nil) in respect of freehold land and buildings and £333 (2023 - £667) in respect of leaseholds.
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
- |
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Prepayments and accrued income |
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Total current trade and other debtors |
68,880 |
132,599 |
G Herbert Banks LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Other creditors |
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- |
Accruals and deferred income |
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Taxation and social security |
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