REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 March 2023 to 31 March 2024 |
for |
Haine & Smith Partnership LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 March 2023 to 31 March 2024 |
for |
Haine & Smith Partnership LLP |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Contents of the Financial Statements |
for the Period 1 March 2023 to 31 March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Haine & Smith Partnership LLP |
General Information |
for the Period 1 March 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Hermes House |
Fire Fly Avenue |
Swindon |
Wiltshire |
SN2 2GA |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,722,867 |
2,828,080 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
30,400 |
135,613 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 2,692,467 | 2,692,467 |
2,722,867 | 2,828,080 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 12 | 30,400 | 135,613 |
Members' other interests | 2,692,467 | 2,692,467 |
Amounts due from members | 7 | (489,959 | ) | (541,791 | ) |
2,232,908 | 2,286,289 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements |
for the Period 1 March 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Haine & Smith Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
Useful economic life of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
Stock provisioning |
Goods sold are subject to changing customer demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock held and whether a provision is required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock. |
Turnover |
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services, namely the sale of sight tests, glasses, contact lenses and accessories. |
Turnover is recognised when the significant risks and rewards of ownership of the goods and services have transferred to the buyer. |
Goodwill |
Goodwill relates to the acquisition of a business and is measured at cost less accumulated amortisation and any accumulated impairment losses. |
Amortisation is charged so as to allocate the cost of goodwill less residual value over its estimated useful life, using the straight-line method. Goodwill is amortised over 10 years. |
If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations. |
If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding fair value of non-monetary assets acquired is recognised in the income statement in the periods expected to be benefitted. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives. The rates applicable are: |
Freehold property | - | 2% on straight line basis |
Short leasehold property | - | 15% on straight line basis |
Fixtures and fittings | - | 10-25% on straight line basis |
Motor vehicles | - | 20% on reducing balance basis |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
Cost includes the purchase price, including all costs directly attributable to bringing the stock to its present location and condition. |
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
In some cases the LLP has access to consignment stock. Where the nature of this arrangement transfers the risks and rewards to the LLP, which in substance gives the LLP control over the stock during the consignment period and liabilities in respect of holding costs, the LLP recognises this stock in the balance sheet together with an equivalent liability. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the LLP. All other leases are classified as operating leases. |
Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets. |
Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. |
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis. |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Employee benefits |
The LLP provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
Defined contribution pension plans |
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Annual bonus plan |
The LLP operates a discretionary annual bonus plan for employees. An expense is recognised in the profit and loss account when a bonus becomes payable at the members' discretion. |
Impairment of assets |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account. |
Members' drawings and the subscription and repayment of members' capital |
In accordance with the LLP agreement there are two classes of capital namely: |
- |
Property Capital which carries the right to receive property capital profits or losses (in the proportions of Property Capital contributed) by way of prior charges to the exclusion of any other Partners who do not hold Property Capital |
- | Equity Capital |
HS Optical Limited alone holds Property Capital and is referred to as the 'Property Capital Partner'. |
The property capital profits and capital losses and liabilities for each accounting period belong to the Property Capital Partner in priority to all other profits of the LLP. |
All other profits and losses of an income nature for each accounting period belong to the LLP and are payable by the LLP to the Partners or by the Partners to the LLP (as the case may be): |
- | firstly in payment to the Partners of their salary entitlement for the period concerned |
- |
secondly in relation to any balance of trading profits in the proportions as determined by each individual Partner's percentage share of trading profit and equity capital as established in the LLP agreement. |
Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient profits to allocate against such drawings. Any drawings in excess of total profits allocated would be included within 'amounts due from members' within debtors. |
The capital requirements of the partnership are determined by the members and are reviewed regularly. Each members is required to subscribe a proportion of this capital. Interest is paid on the outstanding capital amount. On leaving the partnership, a member's capital is repaid within a timescale set by the other members. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the period was |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 March 2024 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 March 2023 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 28 February 2023 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Short | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 28 February 2023 |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 31 March 2024 |
DEPRECIATION |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 March 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from members | 489,959 | 541,791 |
Other debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Finance leases (see note 10) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Finance leases (see note 10) |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Haine & Smith Partnership LLP (Registered number: OC343092) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 March 2024 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Finance leases | 98,053 | - |
Bank loans are secured by a fixed and floating charge over the assets and undertakings of the company. |
Finance leases are secured over the assets acquired under the lease agreement. |
12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of winding up, loans and other debts due to members and members' other interests rank subordinate to other unsecured creditors. |