Company No:
Contents
Note | 31.03.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 5 |
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66,776 | 59,690 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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553,457 | 719,415 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 366,245 | 493,382 | ||
Total assets less current liabilities | 433,021 | 553,072 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 432,796 | 552,847 | ||
432,796 | 552,847 | |||
Members' other interests | ||||
Members' capital classified as equity | 225 | 225 | ||
225 | 225 | |||
433,021 | 553,072 | |||
Total members' interests | ||||
Loans and other debts due to members | 432,796 | 552,847 | ||
Members' other interests | 225 | 225 | ||
433,021 | 553,072 |
Members' responsibilities:
The financial statements of Harrison Sutton Partnership LLP (registered number:
P C Sutton
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Harrison Sutton Partnership LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Little Priory Court, Fore Street, Totnes, TQ9 5NJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The members have shortened the partnership's accounting period by 1 month. This change has been made in order to ease the administrative burden of accounting for the members' tax positions.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Defined contribution schemes
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.
Website costs |
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Leasehold improvements |
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Vehicles |
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Fixtures and fittings |
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Other property, plant and equipment |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities as the LLP does have an unconditional right to refuse payment to members.
Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.
The LLP has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognise when in the case of the assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after account of impairment adjustments.
Profits are automatically available for division between members. They are therefore shown as "Members remuneration charged as an expense" in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as "loans and other debts due to members" in the Balance Sheet.
Period from 01.05.2023 to 31.03.2024 |
Year ended 30.04.2023 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the period |
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Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.
31.03.2024 | 30.04.2023 | ||
Number | Number | ||
Average number of members during the financial period | 4 | 4 |
Website costs | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
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At 31 March 2024 |
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Accumulated amortisation | |||
At 01 May 2023 |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 30 April 2023 |
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Leasehold improve- ments |
Vehicles | Fixtures and fittings | Other property, plant and equipment |
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Cost | |||||||||
At 01 May 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Accumulated depreciation | |||||||||
At 01 May 2023 |
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Charge for the financial period |
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Disposals |
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At 31 March 2024 |
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Net book value | |||||||||
At 31 March 2024 |
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At 30 April 2023 |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Other debtors |
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31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Trade creditors |
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Accruals |
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Other taxation and social security |
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Other creditors |
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Commitments
31.03.2024 | 30.04.2023 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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The total financial commitments above represent non-cancellable operating leases in respect of property from which the limited liability partnership operates.