Limited Liability Partnership Registration No. OC306021 (England and Wales)
HERAX PARTNERS LLP
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
HERAX PARTNERS LLP
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
4 - 7
HERAX PARTNERS LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HERAX PARTNERS LLP FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Herax Partners LLP for the year ended 31 March 2024 set out on pages 2 to 7 from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation

This report is made solely to the limited liability partnership's members of Herax Partners LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Herax Partners LLP and state those matters that we have agreed to state to the limited liability partnership's members of Herax Partners LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Herax Partners LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Herax Partners LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Herax Partners LLP. You consider that Herax Partners LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Herax Partners LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
Date:
05 November 2024
HERAX PARTNERS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,435
14,740
Current assets
Debtors
4
256,383
789,646
Cash at bank and in hand
985,122
827,235
1,241,505
1,616,881
Creditors: amounts falling due within one year
5
(793,590)
(1,448,049)
Net current assets
447,915
168,832
Total assets less current liabilities and net assets attributable to members
463,350
183,572
Represented by:
Loans and other debts due to members within one year
Other amounts
20,858
(258,920)
Members' other interests
Members' capital classified as equity
460,000
460,000
Revaluation reserve
(17,508)
(17,508)
463,350
183,572

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 4 November 2024 and are signed on their behalf by:
04 November 2024
A Reig-Schmidt
A J T MacPherson
Designated member
Designated Member
HERAX PARTNERS LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Members' capital
Revaluation reserve
Other reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
360,000
(17,508)
-
342,492
Profit and total comprehensive income for the year
-
-
74,308
74,308
Members' capital introduced
100,000
-
-
100,000
Other division of profits
-
-
(74,308)
(74,308)
Balance at 31 March 2023
460,000
(17,508)
-
442,492
Profit and total comprehensive income for the year
-
-
733,759
733,759
Other division of profits
-
-
(733,759)
(733,759)
Balance at 31 March 2024
460,000
(17,508)
-
442,492
HERAX PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Herax Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 86-87 Wimpole Street, London, W1G 9RL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the LLP in respect of advisory services supplied during the year, exclusive of VAT and trade discounts.

 

Advisory services are recognised as the work progresses and the right to consideration arises.

If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line
Office equipment
33% straight line
HERAX PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The limited liability partnership operates a defined contribution scheme for the benefit of its employees. Contribution papayble are charged ti the profit and loss account in the year they are payable.
1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
10
7
HERAX PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
41,450
Additions
8,777
At 31 March 2024
50,227
Depreciation and impairment
At 1 April 2023
26,710
Depreciation charged in the year
8,082
At 31 March 2024
34,792
Carrying amount
At 31 March 2024
15,435
At 31 March 2023
14,740
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
126,908
657,869
Other debtors
129,475
131,777
256,383
789,646
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,703
694,055
Taxation and social security
24,064
26,887
Other creditors
729,823
727,107
793,590
1,448,049
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

HERAX PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Operating lease commitments
Lessee

At 31 March 2024 the limited liability partnership had capital commitments as follows:

2024
2023
£
£
87,500
157,500
8
Related party transactions

Herax Limited is a corporate member of Herax Partners LLP. At the balance sheet date £2,851 (2023 - £2,851) was due from Herax Ltd and is included within other debtors.

 

During the year Herax Partners LLP paid expenses on behalf of Herax Partners SPV1 Limited of £1,320 (2023 - £2,580). At the balance sheet date £24,520 (2023 - £23,200) was due from Herax Partners SPV1 Limited and is included within other debtors.

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