Acorah Software Products - Accounts Production 16.0.110 false true 5 April 2023 16 December 2022 false 6 April 2023 5 April 2024 5 April 2024 OC445098 Mrs Faraneh Vargha-Khadem Dr Ramin Khadem iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC445098 2023-04-05 OC445098 2024-04-05 OC445098 2023-04-06 2024-04-05 OC445098 frs-core:Non-currentFinancialInstruments 2024-04-05 OC445098 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-04-05 OC445098 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-06 2024-04-05 OC445098 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-05 OC445098 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC445098 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-06 2024-04-05 OC445098 frs-bus:FilletedAccounts 2023-04-06 2024-04-05 OC445098 frs-bus:SmallEntities 2023-04-06 2024-04-05 OC445098 frs-bus:AuditExempt-NoAccountantsReport 2023-04-06 2024-04-05 OC445098 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC445098 frs-countries:EnglandWales 2023-04-06 2024-04-05 OC445098 frs-bus:PartnerLLP1 2023-04-06 2024-04-05 OC445098 frs-bus:PartnerLLP2 2023-04-06 2024-04-05 OC445098 2022-12-15 OC445098 2023-04-05 OC445098 2022-12-16 2023-04-05 OC445098 frs-core:Non-currentFinancialInstruments 2023-04-05
Registered number: OC445098
Hippocampus LLP
Unaudited Financial Statements
For The Year Ended 5 April 2024
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: OC445098
5 April 2024 5 April 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,454,995 2,454,995
2,454,995 2,454,995
Creditors: Amounts Falling Due Within One Year 5 (1,440 ) (1,800 )
NET CURRENT ASSETS (LIABILITIES) (1,440 ) (1,800 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,453,555 2,453,195
Creditors: Amounts Falling Due After More Than One Year 6 (520,000 ) (520,000 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,933,555 1,933,195
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 78,887 18,516
78,887 18,516
Equity
Members' other interests
Members' capital 1,854,668 1,914,679
1,854,668 1,914,679
1,933,555 1,933,195
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 78,887 18,516
Members' other interests 1,854,668 1,914,679
1,933,555 1,933,195
Page 1
Page 2
For the year ending 5 April 2024 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Income Statement.
On behalf of the members
Dr Ramin Khadem
Designated Member
2 January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hippocampus LLP is a limited liability partnership, incorporated in England & Wales, registered number OC445098 . The Registered Office is 27 Hampstead Hill Gardens, London, NW3 2PJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold - 0%
Given the length of the leases and the increase in property values since the properties were acquired, the leases have not been amortised
2.4. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 3
Page 4
2.5. Information In Relation To Members
The average number of members during the year was: 2
2.6. Loans And Other Debts Due To Members
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.
There is no provision for specific legally enforceable protection afforded to creditors in such an event. 
There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members' other interests.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Leasehold
£
Cost
As at 6 April 2023 2,454,995
As at 5 April 2024 2,454,995
Net Book Value
As at 5 April 2024 2,454,995
As at 6 April 2023 2,454,995
5. Creditors: Amounts Falling Due Within One Year
5 April 2024 5 April 2023
£ £
Other creditors 1,440 1,800
6. Creditors: Amounts Falling Due After More Than One Year
5 April 2024 5 April 2023
£ £
Bank loans 520,000 520,000
7. Secured Creditors
Of the creditors the following amounts are secured against the leasehold property 116 Visage Winchester Road. As the loans are interest only there are no capital repayments made.
5 April 2024 5 April 2023
£ £
Bank loans and overdrafts 520,000 520,000
Page 4