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REGISTERED NUMBER: SO304112 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

H & N Developments LLP

H & N Developments LLP (Registered number: SO304112)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 5


H & N Developments LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: H S Atwal
N S Atwal
Hadplaid Ltd





REGISTERED OFFICE: 108/1 George Street
Edinburgh
EH2 4LH





REGISTERED NUMBER: SO304112 (Scotland)






H & N Developments LLP (Registered number: SO304112)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,829 73,379
Investment property 5 1,222,808 1,222,808
1,246,637 1,296,187

CURRENT ASSETS
Debtors 6 714 6,288
Cash at bank 8,225 3,968
8,939 10,256
CREDITORS
Amounts falling due within one year 7 184,840 159,334
NET CURRENT LIABILITIES (175,901 ) (149,078 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,070,736

1,147,109

CREDITORS
Amounts falling due after more than
one year

8

293,506

409,193
NET ASSETS ATTRIBUTABLE TO
MEMBERS

777,230

737,916

H & N Developments LLP (Registered number: SO304112)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE
TO MEMBERS

11

167,064

127,750

MEMBERS' OTHER INTERESTS
Capital accounts 610,166 610,166
777,230 737,916

TOTAL MEMBERS' INTERESTS
Loans and other debts due to
members

11

167,064

127,750
Members' other interests 610,166 610,166
777,230 737,916

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

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.

H & N Developments LLP (Registered number: SO304112)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 March 2025 and were signed by:




H S Atwal - Designated member




- Designated member


H & N Developments LLP (Registered number: SO304112)

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

1. STATUTORY INFORMATION

H & N Developments LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The functional currency of the LLP is Pounds Sterling as this is the currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
There financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships. The financial statement have been prepared under the historical cos convention.

Turnover
Turnover represents the rent receivable in the period. Income is recognised in the period to which it relates.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all
tangible fixed assets as follows:

Motor vehicles - 25% on reducing balance

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. The surplus or deficit on revaluation is recognised in profit and loss account.

H & N Developments LLP (Registered number: SO304112)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debit instruments that payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short ter loan not a market rate, the financial asset or liability is measured, initially, at present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Finance costs
Finance costs are charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction on the process of the associated capital instrument.

Leasing and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over their shorter of the lease term and their useful lives. Assets acquired by hire purchases are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the entity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2023 - 2 ) .

H & N Developments LLP (Registered number: SO304112)

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

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2023 255,254
Disposals (118,350 )
At 31 March 2024 136,904
DEPRECIATION
At 1 April 2023 181,875
Charge for year 9,676
Eliminated on disposal (78,476 )
At 31 March 2024 113,075
NET BOOK VALUE
At 31 March 2024 23,829
At 31 March 2023 73,379

The net carrying value of fixed assets includes the following in respect of assets held under finance leases or hire purchase.
Motor vehicles: £23,829 (2023: £73,379)

Depreciation charged for the year in respect of leased assets £9,677 (2023: £24,460)

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,222,808
NET BOOK VALUE
At 31 March 2024 1,222,808
At 31 March 2023 1,222,808

The member's have reviewed the carrying value of the investment properties at 31 March 2024 and in their opinion, the carrying value of the investment properties is not materially different from its market value.

H & N Developments LLP (Registered number: SO304112)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors (110 ) 1,077
Other debtors 824 5,211
714 6,288

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 9)
47,480

48,811
Hire purchase contracts 11,543 22,287
Trade creditors 29,986 34,947
Taxation and social security 4,695 4,218
Other creditors 91,136 49,071
184,840 159,334

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 9) 290,473 336,622
Hire purchase contracts 3,033 72,571
293,506 409,193

9. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 47,480 48,811

Amounts falling due between one and two years:
Bank loans - 1-2 years 290,473 336,622

H & N Developments LLP (Registered number: SO304112)

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

9. LOANS - continued

Included within other creditors falling due after more than one year are bank loans amounting to £ 317,044 (2023: £361,133)

Bank loan is secured are secured over the properties owned by the company.

Included within other creditors falling due within one year and creditors falling due after more than one year is £20,908 (2023: £24,299) in respect of a bank loan which is guaranteed by the government under Coronavirus Business Interruption Loan Scheme.

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 14,576 94,858

Obligations under finance leases are secured on the related assets.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

12. RELATED PARTY DISCLOSURES

Included in other creditors are the amounts due from the companies related to directors due with in 12 months. Hadplaid Ltd £72,528 (2023: £30,433)

Hadplaid Ltd acts as management company for H & N Developments LLP. The management charges amounting to £33,553 (2023: £39,188) recorded in accounts are paid to Hadplaid Ltd