Registered number
OC395285
Hong Estates LLP
Unaudited Filleted Accounts
30 June 2024
Hong Estates LLP
Registered number: OC395285
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Current assets
Cash at bank and in hand 58,012 33,903
Creditors: amounts falling due within one year 3 (1,100) (1,100)
Net current assets 56,912 32,803
Total assets less current liabilities 56,912 32,803
Creditors: amounts falling due after more than one year 4 (23,987) 122
Net assets attributable to members 32,925 32,925
Represented by:
Loans and other debts due to members 5 (242,263) (242,263)
Members' other interests
Revaluation reserve 15,213 15,213
Other reserves 259,975 259,975
275,188 275,188
32,925 32,925
Total members' interests
Loans and other debts due to members 5 (242,263) (242,263)
Members' other interests 275,188 275,188
32,925 32,925
For the period ended 30 June 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 27 March 2025 and signed on their behalf by:
Mrs T C Hong
Designated member
Hong Estates LLP
Notes to the Accounts
for the period from 1 October 2023 to 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 5 5
3 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 1,100 1,100
4 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - (122)
Other creditors 23,987 -
23,987 (122)
5 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits (242,263) (242,263)
Amounts falling due within one year (242,263) (242,263)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Revaluation reserve 2024 2023
£ £
At 1 October 2023 15,213 1,058,213
Other movements - (1,043,000)
At 30 June 2024 15,213 15,213
7 Other information
Hong Estates LLP is a limited liability partnership incorporated in England. Its registered office is:
5 Brough Close
Richmond Road
Kingston Upon Thames
Surrey
KT2 5DB
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