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Registration number: OC376850

HPH Accountants LLP

trading as HPH

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

HPH Accountants LLP

trading as HPH

(Registration number: OC376850)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,150,000

1,150,000

Tangible assets

5

30,026

33,075

 

1,180,026

1,183,075

Current assets

 

Stocks

6

189,633

147,139

Debtors

7

264,392

253,770

Cash at bank and in hand

 

1,119

8,716

 

455,144

409,625

Creditors: Amounts falling due within one year

8

(585,988)

(547,677)

Net current liabilities

 

(130,844)

(138,052)

Total assets less current liabilities

 

1,049,182

1,045,023

Creditors: Amounts falling due after more than one year

9

(188,504)

(230,753)

Provisions for liabilities

(16,640)

(12,480)

Net assets attributable to members

 

844,038

801,790

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

484,298

442,052

Members’ other interests

 

Members' capital classified as equity

 

359,740

359,738

   

844,038

801,790

Total members' interests

 

Loans and other debts due to members

 

484,298

442,052

Equity

 

359,740

359,738

   

844,038

801,790

For the year ending 30 June 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

 

HPH Accountants LLP

trading as HPH

(Registration number: OC376850)
Balance Sheet as at 30 June 2024

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of HPH Accountants LLP (registered number OC376850) were approved by the Board and authorised for issue on 27 March 2025. They were signed on behalf of the limited liability partnership by:

.........................................
S B Wearing
Designated member

 

HPH Accountants LLP

trading as HPH

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

The Limited Liability Partnership was registered in England and Wales.

The address of its registered office is:
54 Bootham
York
YO30 7XZ

These financial statements were authorised by the Members on 27 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of HPH Accountants LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The long-term financing of the LLP is provided by capital introduced by the members, bank facilities and profits retained within the LLP. Current bank facilities, which are reviewed annually, are utilised to provide working capital facilities and to assist in capital projects.

The LLP produces annual budgets and forecasts which take account of expected changes in its trading performance and these demonstrate that the LLP will be able to operate within its current level of facilities. On this basis, the members consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

HPH Accountants LLP

trading as HPH

Notes to the Financial Statements for the Year Ended 30 June 2024

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity’s identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Assets are capitalised at costs and depreciated over the relevant useful economic life.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

 

HPH Accountants LLP

trading as HPH

Notes to the Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

 

HPH Accountants LLP

trading as HPH

Notes to the Financial Statements for the Year Ended 30 June 2024

Pensions and other post retirement obligations

The LLP operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 20 (2023 - 19).

4

Intangible fixed assets

Goodwill
 £

Total
£

Cost

At 1 July 2023

1,636,992

1,636,992

At 30 June 2024

1,636,992

1,636,992

Amortisation

At 1 July 2023

486,992

486,992

At 30 June 2024

486,992

486,992

Net book value

At 30 June 2024

1,150,000

1,150,000

At 30 June 2023

1,150,000

1,150,000

 

HPH Accountants LLP

trading as HPH

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Tangible fixed assets

Office equipment
 £

Total
£

Cost

At 1 July 2023

75,430

75,430

Additions

10,492

10,492

At 30 June 2024

85,922

85,922

Depreciation

At 1 July 2023

42,355

42,355

Charge for the year

13,541

13,541

At 30 June 2024

55,896

55,896

Net book value

At 30 June 2024

30,026

30,026

At 30 June 2023

33,075

33,075

6

Stocks

2024
£

2023
£

Work in progress

189,633

147,139

7

Debtors

2024
£

2023
£

Trade debtors

208,381

192,053

Other debtors

6,925

6,406

Prepayments and accrued income

49,086

55,311

Total current trade and other debtors

264,392

253,770

 

HPH Accountants LLP

trading as HPH

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

290,408

220,908

Trade creditors

75,309

80,322

Other creditors

65,495

86,764

Accruals and deferred income

55,358

51,409

Taxation and social security

99,418

108,274

585,988

547,677

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank loan and overdraft

290,408

221,178

Other creditors

6,268

12,368

296,676

233,546

The loans and overdraft are secured against the assets of the LLP.

9

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

39,955

35,480

Other creditors

148,549

195,273

188,504

230,753

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank loan

39,955

35,480

Other creditors

306

4,151

40,261

39,631

 

HPH Accountants LLP

trading as HPH

Notes to the Financial Statements for the Year Ended 30 June 2024

10

Obligations under operating leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

43,318

52,750

Later than one year and not later than five years

10,250

53,568

53,568

106,318

The amount of non-cancellable operating lease payments recognised as an expense during the year was 52,000 (2023 - £52,000).

11

Related party transactions

Summary of transactions with other related parties

Absolute Business Computing Solutions Limited

During the year ended 30 June 2024 HPH Accountants LLP recharged the company £779 (2023 - £1,058) for costs incurred on its behalf and advanced a loan of £6,500 (2023 - £nil), of which £4,500 was repaid during the year. At 30 June 2024 the LLP owed the £1,221 to the company (2023 - £nil owed to/from the company). The loan is interest free and repayable on demand. LLP members A C Rodaway, S B Wearing, and A K Di Domenico are directors of Absolute Business Computing Solutions Limited.

HPH Probate Services Limited

During the year ended 30 June 2024 the LLP invoiced the company £3,500 (2023 - £6,276) for sub-contract costs. At 30 June 2024 the LLP was owed £3,400 (2023 - £2,881) by HPH Probate Services Limited. LLP member A C Rodaway is a director of HPH Probate Services Limited.

12

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.