Limited Liability Partnership Registration No. OC449839 (England and Wales)
Hope 2023 LLP
Annual report and unaudited financial statements
for the period ended 31 March 2025
Pages for filing with the registrar
Hope 2023 LLP
Contents
Page
Members' responsibilities statement
Statement of financial position
1
Reconciliation of members' interests
2
Notes to the financial statements
3 - 9
Hope 2023 LLP
Statement of financial position
As at 31 March 2025
31 March 2025
1
2025
Notes
£
£
Fixed assets
Intangible assets
4
56,626
Tangible assets
5
22,699,638
Investment property
6
1,092,220
23,848,484
Current assets
Stocks
7,697
Debtors
7
72,227
Cash at bank and in hand
121,534
201,458
Creditors: amounts falling due within one year
8
(908,776)
Net current liabilities
(707,318)
Total assets less current liabilities and net assets attributable to members
23,141,166
Represented by:
Members' other interests
Members' capital classified as equity
23,771,877
Other reserves classified as equity
(630,711)
23,141,166

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial period ended 31 March 2025 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 6 August 2025 and are signed on their behalf by:
06 August 2025
Lord Andrew Hope, Earl of Hopetoun
Designated member
Limited Liability Partnership registration number OC449839 (England and Wales)
Hope 2023 LLP
Reconciliation of members' interests
For the period ended 31 March 2025
2
Current financial year
Equity
Total
Members' other interests
Members' interests
Members' capital
Other reserves
Total
2025
£
£
£
Members' interests at 6 November 2023
-
-
-
Loss for the period available for discretionary division among members
-
(630,711)
(630,711)
Members' interests after loss for the period
-
(630,711)
(630,711)
Introduced by members
23,840,959
-
23,840,959
Capital fees
(69,082)
-
(69,082)
Members' interests at 31 March 2025
23,771,877
(630,711)
23,141,166
Hope 2023 LLP
Notes to the financial statements
For the period ended 31 March 2025
3
1
Accounting policies
Limited liability partnership information

Hope 2023 LLP is a limited liability partnership incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The reporting period runs from the date of incorporation on 6 November 2023 to 31 March 2025.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services in respect of farming and agriculture, property rental and forestry, net of VAT where applicable.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
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.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Hope 2023 LLP
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies (continued)
4

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

BPS Entitlements
25% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
Nil
Leasehold improvements
0-25% straight line
Plant and equipment
25% straight line
Motor vehicles
25% straight line
Breeding flock
Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.8
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. Changes in fair value are recognised in profit or loss.

1.9
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Hope 2023 LLP
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies (continued)
5

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
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, 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.

Hope 2023 LLP
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies (continued)
6
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.

Hope 2023 LLP
Notes to the financial statements (continued)
For the period ended 31 March 2025
1
Accounting policies (continued)
7
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2025
Number
Total
6
Hope 2023 LLP
Notes to the financial statements (continued)
For the period ended 31 March 2025
8
4
Intangible fixed assets
BPS Entitlements
£
Cost
Capital introduced
78,013
Additions
1,650
At 31 March 2025
79,663
Amortisation and impairment
Amortisation charged for the period
23,037
At 31 March 2025
23,037
Carrying amount
At 31 March 2025
56,626
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Breeding flock
Total
£
£
£
£
Cost
Capital introduced
22,546,585
99,992
25,687
22,672,264
Additions
56,206
60,375
-
116,581
Disposals
-
(56,947)
(1,469)
(58,416)
At 31 March 2025
22,602,791
103,420
24,218
22,730,429
Depreciation and impairment
Depreciation charged in the period
8,603
38,797
-
47,400
Eliminated in respect of disposals
-
(16,609)
-
(16,609)
At 31 March 2025
8,603
22,188
-
30,791
Carrying amount
At 31 March 2025
22,594,188
81,232
24,218
22,699,638
6
Investment property
2025
£
Fair value
At 6 November 2023
-
Capital introduced
1,092,220
At 31 March 2025
1,092,220
Hope 2023 LLP
Notes to the financial statements (continued)
For the period ended 31 March 2025
6
Investment property (continued)
9

The fair value of the investment property has been arrived at on the basis of a valuation carried out prior to the transfer of the assets into the LLP. The members agree that the valuation carried out still represents the fair value of the assets as at 31 March 2025.

7
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
32,231
Other debtors
39,996
72,227
8
Creditors: amounts falling due within one year
2025
£
Trade creditors
75,519
Taxation and social security
2,544
Other creditors
830,713
908,776

Other creditors include a loan to Leadhills 2019 LLP £682,316. Leadhills 2019 LLP is a partnership in which both Lord Aithrie and Lord Hopetoun are members.

9
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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