REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
H & N Developments LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
H & N Developments LLP (Registered number: SO304112) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
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 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 were approved by the members of the LLP and authorised for issue on |
- 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 |
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 |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 | ( |
) |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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 |