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Registered number: OC402727
Hang My Art LLP
Unaudited Financial Statements
For The Year Ended 30 November 2023
Holme Valley Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: OC402727
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,980 -
Tangible Assets 5 5,317 7,090
13,297 7,090
CURRENT ASSETS
Stocks 6 375 375
Debtors 7 8,187 3,948
Cash at bank and in hand 12,770 9,709
21,332 14,032
Creditors: Amounts Falling Due Within One Year 8 (7,186 ) (6,445 )
NET CURRENT ASSETS (LIABILITIES) 14,146 7,587
TOTAL ASSETS LESS CURRENT LIABILITIES 27,443 14,677
Creditors: Amounts Falling Due After More Than One Year 9 (4,194 ) (5,550 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 23,249 9,127
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability (86,157) (86,157)
Other amounts 109,406 95,284
23,249 9,127
23,249 9,127
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 23,249 9,127
23,249 9,127
Page 1
Page 2
For the year ending 30 November 2023 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Ms Julia Roebuck
Designated Member
28/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hang My Art LLP is a limited liability partnership, incorporated in England & Wales, registered number OC402727 . The Registered Office is 20 Meltham Mills Road, Meltham, Holmfirth, HD9 4EJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% on cost
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 3 (2022: 3)
3 3
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 December 2022 -
Additions 9,975
As at 30 November 2023 9,975
Amortisation
As at 1 December 2022 -
Provided during the period 1,995
As at 30 November 2023 1,995
Net Book Value
As at 30 November 2023 7,980
As at 1 December 2022 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 718 6,655 3,209 1,999 12,581
As at 30 November 2023 718 6,655 3,209 1,999 12,581
Depreciation
As at 1 December 2022 314 1,664 2,638 875 5,491
Provided during the period 101 1,248 143 281 1,773
As at 30 November 2023 415 2,912 2,781 1,156 7,264
Net Book Value
As at 30 November 2023 303 3,743 428 843 5,317
As at 1 December 2022 404 4,991 571 1,124 7,090
6. Stocks
2023 2022
£ £
Finished goods 375 375
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,079 3,684
Other debtors 4,108 264
8,187 3,948
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 1
Bank loans and overdrafts 1,356 1,323
VAT 5,804 5,121
Other creditors 26 -
7,186 6,445
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 4,194 5,550
Page 5