These 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 Section 1A and the Companies Act 2006.

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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 Houthoff London LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

These financial statements have been prepared in British pound sterling and rounded to the nearest pound.

Turnover represents amounts chargeable to clients for professional services during the year, net of value added tax. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as a contract activity progresses by reference to the value of work performed.

Revenue in relation to unbilled time is recognised in the accounts based upon the judgement of the members in respect of expected ultimate recoverability. In undertaking this assessment, the members consider a range of factors including cost of collection bad debt risk, client specific factors and contractual terms. Unbilled turnover is included as "amounts recoverable on contracts" included within prepayments and accrued income.

Additionally, turnover includes an agreed services recharge to one of the corporate members, Houthoff Cooperatief U.A. to recognise intra-group services, benefits and member remuneration.

The limited liability partnership has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the limited liability partnership becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all of the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the limited liability partnership's obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transactions costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received after taking account of impairment adjustments.