Registration number:
Horne Engall and Freeman LLP
for the period from 1 January 2023 to 31 March 2024
Horne Engall and Freeman 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 |
Horne Engall and Freeman LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Horne Engall and Freeman LLP
(Registration number: OC332181)
Balance Sheet as at 31 March 2024
Note |
2024 |
2022 |
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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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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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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 |
524,747 |
415,622 |
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524,747 |
415,622 |
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Total members' interests |
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Loans and other debts due to members |
524,747 |
415,622 |
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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
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Horne Engall and Freeman LLP
Notes to the Financial Statements for the Period from 1 January 2023 to 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 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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Horne Engall and Freeman LLP
Notes to the Financial Statements for the Period from 1 January 2023 to 31 March 2024
Tangible fixed assets |
Short leasehold land and buildings |
Furniture, fittings & equipment |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
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Disposals |
- |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposals |
- |
( |
( |
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 December 2022 |
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Debtors |
31 March 2024 |
31 December 2022 |
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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 |
Creditors: Amounts falling due within one year |
31 March 2024 |
31 December 2022 |
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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 |
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Obligations under finance lease and hire purchase contracts |
3,375 |
3,375 |
Creditors: Amounts falling due after more than one year |
31 March 2024 |
31 December 2022 |
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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 |
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Obligations under finance lease and hire purchase contracts |
1,348 |
5,906 |
Obligations under hire purchase contracts are secured on the assets concerned.
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).
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 £