0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 19,438 19,438 xbrli:pure xbrli:shares iso4217:GBP OC346765 2023-08-01 2024-03-31 OC346765 2024-03-31 OC346765 2023-07-31 OC346765 2022-08-01 2023-07-31 OC346765 2023-07-31 OC346765 2022-07-31 OC346765 core:PlantMachinery 2023-08-01 2024-03-31 OC346765 bus:Director3 2023-08-01 2024-03-31 OC346765 core:PlantMachinery 2024-03-31 OC346765 core:WithinOneYear 2024-03-31 OC346765 core:WithinOneYear 2023-07-31 OC346765 bus:SmallEntities 2023-08-01 2024-03-31 OC346765 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-03-31 OC346765 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-03-31 OC346765 bus:LimitedLiabilityPartnershipLLP 2023-08-01 2024-03-31 OC346765 bus:FullAccounts 2023-08-01 2024-03-31
REGISTERED NUMBER: OC346765
HIGGINS FAIRBAIRN ADVISORY LLP
Filleted Unaudited Financial Statements
31 March 2024
HIGGINS FAIRBAIRN ADVISORY LLP
Statement of Financial Position
31 March 2024
31 Mar 24
31 Jul 23
Note
£
£
£
Current assets
Debtors
5
325,223
318,335
Cash at bank and in hand
124,134
505,901
---------
---------
449,357
824,236
Creditors: amounts falling due within one year
6
27,907
53,022
---------
---------
Net current assets
421,450
771,214
---------
---------
Total assets less current liabilities
421,450
771,214
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
7
107,429
129,923
Members' other interests
Members' capital classified as equity
314,021
641,291
Other reserves
---------
---------
421,450
771,214
---------
---------
Total members' interests
Loans and other debts due to members
7
107,429
129,923
Members' other interests
314,021
641,291
---------
---------
421,450
771,214
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period ending 31 March 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) relating to small LLPs.
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 financial statements .
HIGGINS FAIRBAIRN ADVISORY LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 25 April 2024 , and are signed on their behalf by:
G MANTINI
Designated Member
Registered number: OC346765
HIGGINS FAIRBAIRN ADVISORY LLP
Notes to the Financial Statements
Period from 1 August 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY, UK.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents commissions receivable and amounts invoiced in respect of fees, including share of joint venture fees and commissions.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 August 2023 and 31 March 2024
19,438
19,438
--------
--------
Depreciation
At 1 August 2023 and 31 March 2024
19,438
19,438
--------
--------
Carrying amount
At 31 March 2024
--------
--------
At 31 July 2023
--------
--------
5.
Debtors
31 Mar 24
31 Jul 23
£
£
Trade debtors
800
Other debtors
325,223
317,535
---------
---------
325,223
318,335
---------
---------
Other Debtors include the deferred consideration of £297,270 (2023: £297,270) of business assets disposal due to the members.
6. Creditors: amounts falling due within one year
31 Mar 24
31 Jul 23
£
£
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
27,907
53,022
--------
--------
7.
Loans and other debts due to members
31 Mar 24
31 Jul 23
£
£
Amounts owed to members in respect of profits
107,429
129,923
---------
---------