REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
HUGHES INVESTMENT PROPERTIES LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
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 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
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 |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |