Acorah Software Products - Accounts Production 16.1.300 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC398613 Mrs Sharon Brittan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC398613 2023-03-31 OC398613 2024-03-31 OC398613 2023-04-01 2024-03-31 OC398613 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC398613 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC398613 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 OC398613 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC398613 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC398613 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC398613 frs-core:ListedExchangeTraded 2024-03-31 OC398613 frs-core:ListedExchangeTraded 2023-03-31 OC398613 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-03-31 OC398613 frs-core:CostValuation frs-core:ListedExchangeTraded 2024-03-31 OC398613 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-03-31 OC398613 frs-core:ImpairmentLossProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2024-03-31 OC398613 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2024-03-31 OC398613 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC398613 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC398613 2022-03-31 OC398613 2023-03-31 OC398613 2022-04-01 2023-03-31
Registered number: OC398613
Hadston 1 LLP
Unaudited Financial Statements
For The Year Ended 31 March 2024
Purple Lime Accountancy
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC398613
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 357,251 285,800
357,251 285,800
CURRENT ASSETS
Cash at bank and in hand 1,000 1,000
1,000 1,000
Creditors: Amounts Falling Due Within One Year 5 (18,000 ) (16,800 )
NET CURRENT ASSETS (LIABILITIES) (17,000 ) (15,800 )
TOTAL ASSETS LESS CURRENT LIABILITIES 340,251 270,000
NET ASSETS ATTRIBUTABLE TO MEMBERS 340,251 270,000
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 339,251 269,000
339,251 269,000
Equity
Members' other interests
Other reserves 1,000 1,000
1,000 1,000
340,251 270,000
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 339,251 269,000
Members' other interests 1,000 1,000
340,251 270,000
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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 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 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 Profit and Loss Account.
On behalf of the members
Mrs Sharon Brittan
Designated Member
26/03/2025
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Hadston 1 LLP is a limited liability partnership, incorporated in England & Wales, registered number OC398613 . The Registered Office is Hartham Park, Hartham , Corsham, SN13 0RP.
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. 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.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
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2.3. 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.
Whilst the members’ agreement does not differentiate between profits and losses for profit sharing purposes, it does stipulate that the LLP cannot demand additional contributions from members, and as a result the LLP does not have an unconditional right to demand payment from members for losses. Therefore, to the extent that losses exceed the balance on capital and current accounts, they are not recognised as a recoverable asset and so remain within equity until such time as profits are generated to set them against.
2.4. Fixed asset investments
Fixed asset investments are stated at cost less impairment.
2.5. Equity instruments
Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: NIL (2023: NIL)
- -
4. Investments
Listed
£
Cost
As at 1 April 2023 916,770
As at 31 March 2024 916,770
Provision
As at 1 April 2023 630,970
Impairment losses (71,451 )
As at 31 March 2024 559,519
Net Book Value
As at 31 March 2024 357,251
As at 1 April 2023 285,800
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 18,000 16,800
6. 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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