Registered number
OC414174
Hibbert & Associates LLP
Filleted Accounts
31 March 2024
Hibbert & Associates LLP
Registered number: OC414174
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,899 10,410
Current assets
Debtors 4 2,500 -
Cash at bank and in hand 4,433 6,457
6,933 6,457
Net current assets 6,933 6,457
Total assets less current liabilities 9,832 16,867
Net assets attributable to members 9,832 16,867
Represented by:
Loans and other debts due to members 5 18,337 29,396
Members' other interests
Other reserves (8,505) (12,529)
9,832 16,867
Total members' interests
Loans and other debts due to members 5 18,337 29,396
Members' other interests (8,505) (12,529)
9,832 16,867
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 30 October 2024 and signed on their behalf by:
Neil Hibbert
Designated member
Hibbert & Associates 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.
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:
Computer Equipment over 4 years
Motor vehicles over 4 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 2 2
3 Tangible fixed assets
Computer Equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 2,180 30,045 32,225
At 31 March 2024 2,180 30,045 32,225
Depreciation
At 1 April 2023 2,180 19,635 21,815
Charge for the year - 7,511 7,511
At 31 March 2024 2,180 27,146 29,326
Net book value
At 31 March 2024 - 2,899 2,899
At 31 March 2023 - 10,410 10,410
4 Debtors 2024 2023
£ £
Trade debtors 2,500 -
5 Loans and other debts due to members 2024 2023
£ £
Loans from members 6,564 5,094
Amounts due to members in respect of profits 11,773 24,302
18,337 29,396
Amounts falling due within one year 18,337 29,396
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Other information
Hibbert & Associates LLP is a limited liability partnership incorporated in England. Its registered office is:
Kelmscott
Hattingley Road
Medstead
Hampshire
GU34 5nQ
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