Registered number
OC324820
Hammond Partners LLP
Filleted Accounts
31 March 2024
Hammond Partners LLP
Registered number: OC324820
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,112 6,034
Current assets
Debtors 4 352,267 285,497
Cash at bank and in hand 203,223 659,118
555,490 944,615
Creditors: amounts falling due within one year 5 (369,801) (721,486)
Net current assets 185,689 223,129
Total assets less current liabilities 187,801 229,163
Creditors: amounts falling due after more than one year 6 (24,266) (45,563)
Net assets attributable to members 163,535 183,600
Represented by:
Members' other interests
Members' capital classified as equity 163,535 183,600
163,535 183,600
Total members' interests
Members' other interests 163,535 183,600
163,535 183,600
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 31 July 2024 and signed on their behalf by:
P Hammond
Designated member
Hammond Partners LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Fixtures, fittings, tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 4,608 18,000 22,608
At 31 March 2024 4,608 18,000 22,608
Depreciation
At 1 April 2023 1,574 15,000 16,574
Charge for the year 922 3,000 3,922
At 31 March 2024 2,496 18,000 20,496
Net book value
At 31 March 2024 2,112 - 2,112
At 31 March 2023 3,034 3,000 6,034
4 Debtors 2024 2023
£ £
Trade debtors 323,528 237,771
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest 19,374 34,006
Prepayments 9,365 13,720
352,267 285,497
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors and accruals 8,854 10,969
Other taxes and social security costs 94,917 16,009
Due to partners at year end 266,030 694,508
369,801 721,486
6 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest 24,266 45,563
7 Other information
Hammond Partners LLP is a limited liability partnership incorporated in England. Its registered office is:
Nower End
Nower Road
Dorking
Surrey
RH4 3BX
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