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REGISTERED NUMBER: OC330372 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

HUGHES INVESTMENT PROPERTIES LLP

HUGHES INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC330372)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

General Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 5


HUGHES INVESTMENT PROPERTIES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DESIGNATED MEMBERS: W J Hughes
J D Hughes
J Hughes Group Limited





REGISTERED OFFICE: 3 New Mill Court
Enterprise Park
Swansea
SA7 9FG





REGISTERED NUMBER: OC330372 (England and Wales)





ACCOUNTANTS: Carr, Jenkins & Hood
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG

HUGHES INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC330372)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 950,000 950,000

CURRENT ASSETS
Debtors 5 168,000 330,000
Cash at bank 8,243 6,794
176,243 336,794
CREDITORS
Amounts falling due within one year 6 14,207 38,479
NET CURRENT ASSETS 162,036 298,315
TOTAL ASSETS LESS CURRENT LIABILITIES 1,112,036 1,248,315

CREDITORS
Amounts falling due after more than one
year

7

6,533

15,333
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,105,503 1,232,982

LOANS AND OTHER DEBTS DUE TO MEMBERS 3,293 3,344

MEMBERS' OTHER INTERESTS
Capital accounts 1,102,210 1,229,638
1,105,503 1,232,982

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 3,293 3,344
Members' other interests 1,102,210 1,229,638
1,105,503 1,232,982

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 July 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

HUGHES INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC330372)

BALANCE SHEET - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 20 December 2024 and were signed by:




J D Hughes - Designated member




W J Hughes - Designated member


HUGHES INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC330372)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Hughes Investment Properties LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts receivable from property rental, excluding value added tax, under contractual obligations.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests. Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

HUGHES INVESTMENT PROPERTIES LLP (REGISTERED NUMBER: OC330372)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 August 2023
and 31 July 2024 950,000
NET BOOK VALUE
At 31 July 2024 950,000
At 31 July 2023 950,000

Investment properties included in fixed assets land and buildings were revalued during 2019 by external valuers Avison Young to £950,000.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 168,000 330,000

Other debtors includes a loan to member W Hughes of £168,000 (2023 : £290,0000.)

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,600 9,600
Other creditors 4,607 28,879
14,207 38,479

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 6,533 15,333