Registered number
OC302273
James E Hatch & Son LLP
Filleted Accounts
31 March 2024
James E Hatch & Son LLP
Registered number: OC302273
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 45,431 35,178
Current assets
Stocks 1,740 1,288
Debtors 4 67,487 69,356
Cash at bank and in hand 40,957 12,158
110,184 82,802
Creditors: amounts falling due within one year 5 (54,658) (51,096)
Net current assets 55,526 31,706
Total assets less current liabilities 100,957 66,884
Net assets attributable to members 100,957 66,884
Represented by:
Loans and other debts due to members 6 100,957 66,884
100,957 66,884
Total members' interests
Loans and other debts due to members 6 100,957 66,884
100,957 66,884
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 14 October 2024 and signed on their behalf by:
Stuart J Hatch
Designated member
James E Hatch & Son 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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:
Plant and machinery over 4/5 years
Fixtures, fittings, tools and equipment over 4/5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 4 4
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 117,529 269,224 386,753
Additions 17,024 14,767 31,791
Disposals (101,657) (136,685) (238,342)
At 31 March 2024 32,896 147,306 180,202
Depreciation
At 1 April 2023 112,194 239,381 351,575
Charge for the year 4,164 17,374 21,538
On disposals (101,657) (136,685) (238,342)
At 31 March 2024 14,701 120,070 134,771
Net book value
At 31 March 2024 18,195 27,236 45,431
At 31 March 2023 5,335 29,843 35,178
4 Debtors 2024 2023
£ £
Trade debtors 67,487 55,123
Other debtors - 14,233
67,487 69,356
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 7,781
Trade creditors 31,712 33,815
Other taxes and social security costs 18,471 5,025
Other creditors 4,475 4,475
54,658 51,096
6 Loans and other debts due to members 2024 2023
£ £
Loans from members 28,000 -
Amounts due to members in respect of profits 72,957 66,884
100,957 66,884
Amounts falling due within one year 100,957 66,884
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
James E Hatch & Son LLP is a limited liability partnership incorporated in England. Its registered office is:
9 Old School Lane
Adlington
Chorley
PR7 4DX
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