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Registered number: OC435145
T.Hayden Art LLP
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: OC435145
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 25,371 28,605
Tangible Assets 5 264,607 312,799
289,978 341,404
CURRENT ASSETS
Stocks 6 50,000 50,000
Debtors 7 (130,548 ) (74,779 )
(80,548 ) (24,779 )
Creditors: Amounts Falling Due Within One Year 8 (5,500 ) (2,750 )
NET CURRENT ASSETS (LIABILITIES) (86,048 ) (27,529 )
TOTAL ASSETS LESS CURRENT LIABILITIES 203,930 313,875
NET ASSETS ATTRIBUTABLE TO MEMBERS 203,930 313,875
REPRESENTED BY:
Loans and other debts due to members
Members' capital classified as a liability 279,165 340,604
279,165 340,604
Equity
Members' other interests
Other reserves (75,235) (26,729)
(75,235) (26,729)
203,930 313,875
TOTAL MEMBERS' INTEREST
Amounts due from members (125,235) (76,729)
Loans and other debts due to members 279,165 340,604
Members' other interests (75,235) (26,729)
78,695 237,146
Page 1
Page 2
For the year 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 applicable to LLPs subject to the small LLPs regime.)
The member acknowledges his responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Income Statement.
On behalf of the members
B Worsfold
Designated Member
31 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
T.Hayden Art LLP is a limited liability partnership, incorporated in England & Wales, registered number OC435145 . The Registered Office is The Clock House, Station Approach, Marlow, Bucks, SL7 1NT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Website design , It is amortised to income statement over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5 yrs straight line
Motor Vehicles 4 yrs straight line
Fixtures & Fittings 4 yrs straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 2 (2023: 2)
2 2
Page 3
Page 4
4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 April 2023 15,246 16,171 31,417
As at 31 March 2024 15,246 16,171 31,417
Amortisation
As at 1 April 2023 - 2,812 2,812
Provided during the period - 3,234 3,234
As at 31 March 2024 - 6,046 6,046
Net Book Value
As at 31 March 2024 15,246 10,125 25,371
As at 1 April 2023 15,246 13,359 28,605
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 140,458 220,383 9,072 369,913
Disposals - - (9,072 ) (9,072 )
As at 31 March 2024 140,458 220,383 - 360,841
Depreciation
As at 1 April 2023 23,410 30,112 3,592 57,114
Provided during the period 28,091 14,620 - 42,711
Disposals - - (3,591 ) (3,591 )
As at 31 March 2024 51,501 44,732 1 96,234
Net Book Value
As at 31 March 2024 88,957 175,651 (1 ) 264,607
As at 1 April 2023 117,048 190,271 5,480 312,799
6. Stocks
2024 2023
£ £
Stock 50,000 50,000
7. Debtors
2024 2023
£ £
Due within one year
Other debtors (130,548) (74,779)
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 5,500 2,750
Page 5