Limited Liability Partnership registration number OC344808 (England and Wales)
HHE NUMBER 1 LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
HHE NUMBER 1 LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 7
HHE NUMBER 1 LLP
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
773,803
866,903
Current assets
Debtors
4
5,528
873
Cash at bank and in hand
16,503
13,015
22,031
13,888
Creditors: amounts falling due within one year
5
(16,811)
(777,687)
Net current assets/(liabilities)
5,220
(763,799)
Total assets less current liabilities
779,023
103,104
Creditors: amounts falling due after more than one year
6
(730,000)
-
Net assets attributable to members
49,023
103,104
Represented by:
Loans and other debts due to members within one year
Other amounts
(466,552)
(506,520)
Members' other interests
Members' capital classified as equity
1,347,332
1,428,089
Other reserves classified as equity
(831,757)
(818,465)
49,023
103,104

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 May 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

HHE NUMBER 1 LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 10 March 2025 and are signed on their behalf by:
10 March 2025
A Chaytow
Designated member
Limited Liability Partnership registration number OC344808 (England and Wales)
HHE NUMBER 1 LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 June 2023
1,428,089
(818,465)
609,624
(506,520)
(506,520)
103,104
Loss for the financial year available for discretionary division among members
-
(13,292)
(13,292)
-
-
(13,292)
Members' interests after loss for the year
1,428,089
(831,757)
596,332
(506,520)
(506,520)
89,812
Introduced by members
-
-
-
40,000
40,000
40,000
Repayments of capital
(80,757)
-
(80,757)
-
-
(80,757)
Repayment of debt (including members' capital classified as a liability)
-
-
-
(32)
(32)
(32)
Members' interests at 31 May 2024
1,347,332
(831,757)
515,575
(466,552)
(466,552)
49,023
HHE NUMBER 1 LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 June 2022
1,428,089
(825,461)
602,628
(508,520)
(508,520)
94,108
Profit for the financial year available for discretionary division among members
-
6,996
6,996
-
-
6,996
Members' interests after profit for the year
1,428,089
(818,465)
609,624
(508,520)
(508,520)
101,104
Introduced by members
-
-
-
2,000
2,000
2,000
Members' interests at 31 May 2023
1,428,089
(818,465)
609,624
(506,520)
(506,520)
103,104
HHE NUMBER 1 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Limited liability partnership information

HHE Number 1 LLP is a limited liability partnership incorporated in England and Wales. The registered office is Lester House, 19- 21 Broad Street, Bury, Lancashire, BL9 0DA.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Rental income represents the amounts for the services provided to tenants, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
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

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HHE NUMBER 1 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 June 2023
866,903
Additions through external acquisition
6,900
Disposals
(100,000)
At 31 May 2024
773,803
HHE NUMBER 1 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Investment property
(Continued)
- 7 -

The property value is determined by the members to reflect the open market value at the balance sheet date. The members do not have formal qualifications in property valuations but are involved in letting of residential property in the area of the company's activities. The members have placed considerable reliance on the actual and expected rental yields from this property in arriving at this value. In the event of a forced realisation of the property, the actual value achieved could be significantly different to this.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,528
873
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
2,132
2,090
Deferred income
326
240
Other creditors
288
765,786
Accruals and deferred income
14,065
9,571
16,811
777,687
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
730,000
-

Included in other creditors above is a £690,000 loan secured on the company's investment property.

7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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