Registered number
OC380080
Forbes Hare LLP
Accounts
30 December 2023
Forbes Hare LLP
Registered number: OC380080
Balance Sheet
as at 30 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,988 4,215
Current assets
Debtors 4 80,634 184,361
Cash at bank and in hand 440,806 50,057
521,440 234,418
Creditors: amounts falling due within one year 5 (294,023) (93,585)
Net current assets 227,417 140,833
Total assets less current liabilities 233,405 145,048
Creditors: amounts falling due after more than one year 6 (902,772) (152,104)
Net liabilities attributable to members (669,367) (7,056)
Represented by:
Members' other interests
Other reserves (669,367) (7,056)
(669,367) (7,056)
Total members' interests
Members' other interests (669,367) (7,056)
(669,367) (7,056)
For the year ended 30 December 2023 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 21 November 2024 and signed on their behalf by:
Mr Jose Santos Torres as director of FH UK Holdings Ltd
Designated member
Forbes Hare LLP
Notes to the Accounts
for the year ended 30 December 2023
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 rendering of services. 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:
Office Equipment 20% straight line
Leashold Improvements 20% straight line
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 21 17
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 31 December 2022 8,348 45,351 53,699
Additions - 4,936 4,936
At 30 December 2023 8,348 50,287 58,635
Depreciation
At 31 December 2022 8,348 41,136 49,484
Charge for the year - 3,163 3,163
At 30 December 2023 8,348 44,299 52,647
Net book value
At 30 December 2023 - 5,988 5,988
At 30 December 2022 - 4,215 4,215
4 Debtors 2023 2022
£ £
Trade debtors 64,805 50,609
Amount owed from related entities - 111,396
Other debtors (incl Rent deposit) 15,829 22,356
80,634 184,361
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 48,043 -
Other taxes and social security costs 48,078 44,885
Client Funds Held 197,902 48,700
294,023 93,585
6 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to related entities 750,668 -
Other creditors 152,104 152,104
902,772 152,104
The other creditors is from Antilles Sport and Media (UK) Limited, a related company and is interest free
with no fixed terms of repayment.
7 Controlling party
The partners own the partnership in equal proportions.
8 Other information
Forbes Hare LLP is a limited liability partnership incorporated in England. Its registered office is:
5 King's Bench Walk
Temple
London
EC4Y 7DN
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