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Henry Adams (Horsham Lettings) LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: OC397955

 

Henry Adams (Horsham Lettings) LLP

Contents

Financial Statements

1 to 8

Balance Sheet

1

Notes to the Financial Statements

3

 

Henry Adams (Horsham Lettings) LLP

(Registration number: OC397955)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

4

157,144

168,368

Tangible assets

5

39,283

52,377

 

196,427

220,745

Current assets

 

Debtors

10,145

16,898

Cash and short-term deposits

 

209,087

273,140

 

219,232

290,038

Creditors: Amounts falling due within one year

7

(58,695)

(56,867)

Net current assets

 

160,537

233,171

Total assets less current liabilities

 

356,964

453,916

Creditors: Amounts falling due after more than one year

8

(39,098)

(42,665)

Net assets attributable to members

 

317,866

411,251

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

317,866

411,251

   

317,866

411,251

Total members' interests

 

Loans and other debts due to members

 

317,866

411,251

   

317,866

411,251

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

Henry Adams (Horsham Lettings) LLP

(Registration number: OC397955)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Henry Adams (Horsham Lettings) LLP (registered number OC397955) were approved by the Board and authorised for issue on 13 June 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr R W Crawford Clarke
Designated member

 

Henry Adams (Horsham Lettings) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Henry Adams (Horsham Lettings) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Henry Adams (Horsham Lettings) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years Straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Fixtures and fittings

25% Reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

 

Henry Adams (Horsham Lettings) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation

13,094

3,292

Amortisation

11,224

11,224

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 10 (2023 - 10).

 

Henry Adams (Horsham Lettings) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Intangible fixed assets

Goodwill
£

Total
£

Cost

At 1 April 2023

276,964

276,964

At 31 March 2024

276,964

276,964

Amortisation

At 1 April 2023

108,596

108,596

Charge for the year

11,224

11,224

At 31 March 2024

119,820

119,820

Net book value

At 31 March 2024

157,144

157,144

At 31 March 2023

168,368

168,368

 

Henry Adams (Horsham Lettings) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible fixed assets

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

6,863

51,000

57,863

At 31 March 2024

6,863

51,000

57,863

Depreciation

At 1 April 2023

3,361

2,125

5,486

Charge for the year

875

12,219

13,094

At 31 March 2024

4,236

14,344

18,580

Net book value

At 31 March 2024

2,627

36,656

39,283

At 31 March 2023

3,502

48,875

52,377

6

Debtors

2024
£

2023
£

Trade debtors

1,652

4,864

Prepayments and accrued income

8,493

12,034

Total current trade and other debtors

10,145

16,898

 

Henry Adams (Horsham Lettings) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

10,018

9,646

Other creditors

10,423

10,375

Accruals and deferred income

4,380

4,443

Taxation and social security

33,874

32,403

58,695

56,867

8

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Other creditors

39,098

42,665

9

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £55,441 (2023 - £68,995).