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Registration number: OC344076

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

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

G Herbert Banks LLP

Limited liability partnership information

Designated members

Mr R G F Banks

Mr T Gaston

Mr R Parry
 

Registered office

The Estate Office
Hill House
Great Witley
Worcs
WR6 6JB

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

G Herbert Banks LLP

(Registration number: OC344076)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

5,743

7,433

Current assets

 

Debtors

4

68,880

132,599

Cash and short-term deposits

 

119,536

178,071

 

188,416

310,670

Creditors: Amounts falling due within one year

5

(80,874)

(71,485)

Net current assets

 

107,542

239,185

Net assets attributable to members

 

113,285

246,618

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

32,285

165,618

Members’ other interests

 

Members' capital classified as equity

 

81,000

81,000

   

113,285

246,618

Total members' interests

 

Loans and other debts due to members

 

32,285

165,618

Equity

 

81,000

81,000

   

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 Board and authorised for issue on 7 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr R G F Banks
Designated member

.........................................
Mr T Gaston
Designated member

.........................................
Mr R Parry
Designated member

 

G Herbert Banks LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

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 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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 8 (2023 - 15).

 

G Herbert Banks LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Tangible fixed assets

Long leasehold land and buildings
£

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 April 2023

16,226

4,811

43,264

64,301

Additions

-

447

-

447

At 31 March 2024

16,226

5,258

43,264

64,748

Depreciation

At 1 April 2023

15,559

4,291

37,018

56,868

Charge for the year

334

242

1,561

2,137

At 31 March 2024

15,893

4,533

38,579

59,005

Net book value

At 31 March 2024

333

725

4,685

5,743

At 31 March 2023

667

520

6,246

7,433

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.
 

4

Debtors

2024
£

2023
£

Trade debtors

54,868

118,579

Other debtors

-

100

Prepayments and accrued income

14,012

13,920

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

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

10,796

5,287

Other creditors

1,625

-

Accruals and deferred income

2,500

8,698

Taxation and social security

65,953

57,500

80,874

71,485