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Registration number: OC332181

Horne Engall and Freeman LLP

Annual Report and Unaudited Financial Statements

for the period from 1 January 2023 to 31 March 2024

 

Horne Engall and Freeman LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Horne Engall and Freeman LLP

Limited liability partnership information

Designated members

Mr N Jamison

Mrs S Webster
 

Registered office

47a High Street
Egham
Surrey
TW20 9ES

Accountants

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

 

Horne Engall and Freeman LLP

(Registration number: OC332181)
Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

3

86,831

90,757

Current assets

 

Debtors

4

268,783

273,108

Cash and short-term deposits

 

321,214

281,134

 

589,997

554,242

Creditors: Amounts falling due within one year

5

(150,733)

(223,471)

Net current assets

 

439,264

330,771

Total assets less current liabilities

 

526,095

421,528

Creditors: Amounts falling due after more than one year

6

(1,348)

(5,906)

Net assets attributable to members

 

524,747

415,622

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

524,747

415,622

   

524,747

415,622

Total members' interests

 

Loans and other debts due to members

 

524,747

415,622

   

524,747

415,622

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.

 

Horne Engall and Freeman LLP

(Registration number: OC332181)
Balance Sheet as at 31 March 2024

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 Horne Engall and Freeman LLP (registered number OC332181) were approved by the Board and authorised for issue on 25 July 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr N Jamison
Designated member

 

Horne Engall and Freeman LLP

Notes to the Financial Statements for the Period from 1 January 2023 to 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 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.

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 Horne Engall and Freeman 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.

Rendering of Services

The following criteria must be met before turnover is recognised:

- the amount of turnover can be measured reliably;
- it is probable that the LLP will receive the consideration due under the contract;
- the stage of completion of the contract a the end of the reporting period can be measured reliable; and
- the costs incurred or to be incurred in respect of the contract can be measured reliable.

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.

 

Horne Engall and Freeman LLP

Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024

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.

Tangible fixed assets

Fixed assets are initially recorded at cost.

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

Land and buildings

not provided

Furniture, fittings & equipment

15-33% 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.

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.

Hire purchase and leasing

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 24 (2022 - 24).

 

Horne Engall and Freeman LLP

Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024

3

Tangible fixed assets

Short leasehold land and buildings
£

Furniture, fittings & equipment
£

Total
£

Cost

At 1 January 2023

4,521

250,346

254,867

Additions

6,856

18,446

25,302

Disposals

-

(1,756)

(1,756)

At 31 March 2024

11,377

267,036

278,413

Depreciation

At 1 January 2023

-

164,110

164,110

Charge for the year

-

28,802

28,802

Eliminated on disposals

-

(1,330)

(1,330)

At 31 March 2024

-

191,582

191,582

Net book value

At 31 March 2024

11,377

75,454

86,831

At 31 December 2022

4,521

86,236

90,757

4

Debtors

31 March 2024
 £

31 December 2022
 £

Trade debtors

113,805

70,004

Other debtors

40,076

58,089

Prepayments and accrued income

51,707

71,113

Amounts recoverable on contracts

63,195

73,902

Total current trade and other debtors

268,783

273,108

5

Creditors: Amounts falling due within one year

31 March 2024
 £

31 December 2022
 £

Other creditors

6,321

7,616

Accruals and deferred income

42,701

83,863

Taxation and social security

98,336

117,335

Obligations under finance lease and hire purchase contracts

3,375

14,657

150,733

223,471

 

Horne Engall and Freeman LLP

Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024

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

2024
£

2022
£

Obligations under finance lease and hire purchase contracts

3,375

3,375

6

Creditors: Amounts falling due after more than one year

31 March 2024
 £

31 December 2022
 £

Obligations under finance lease and hire purchase contracts

1,348

5,906

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

2024
£

2022
£

Obligations under finance lease and hire purchase contracts

1,348

5,906

Obligations under hire purchase contracts are secured on the assets concerned.

7

Related party transactions

Key management personnel

Horne Engall and Freeman LLP leases two of its trading premises from designated members of this LLP at a cost of £26,250 (2022: £21,000).

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £66,000 (2022 - £81,000).