Company No: OC423642 (England and Wales)

Contents

• Limited Liability Partnership Information
• Statement of Financial Position
• Reconciliation of Members' Interests
• Notes to the Financial Statements

DESIGNATED MEMBERS	J W Byrne
	H Byrne

REGISTERED OFFICE	The Black Bear Inn
	Bettws Newydd
	Usk
	Wales
	United Kingdom

REGISTERED NUMBER

OC423642 (England and Wales)

ACCOUNTANT	S&W Partners (Thames Valley) Limited
	22 Wycombe End
	Beaconsfield
	Buckinghamshire
	HP9 1NB

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	70,633		75,833
Tangible assets	4	423,091		412,201
		493,724		488,034
Current assets
Stocks		9,250		8,750
Cash at bank and in hand		35,781		58,702
		45,031		67,452
Creditors: amounts falling due within one year	5	( 43,635)		( 45,694)
Net current assets		1,396		21,758
Total assets less current liabilities		495,120		509,792
Creditors: amounts falling due after more than one year	6	( 355,038)		( 364,433)
Net assets attributable to members		140,082		145,359
Represented by
Loans and other debts due to members within one year
Other amounts		7,980		28,672
		7,980		28,672
Members' other interests
Members' capital classified as equity		2		2
Revaluation reserve		130,500		116,685
Other reserves		1,600		0
		132,102		116,687
		140,082		145,359
Total members' interests
Loans and other debts due to members		7,980		28,672
Members' other interests		132,102		116,687
		140,082		145,359

For the financial year ending 31 March 2025 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of H&J Byrne LLP (registered number: OC423642) were approved and authorised for issue by the Board of Directors on 27 November 2025. They were signed on its behalf by:

J W Byrne Designated member

H Byrne Designated member

	EQUITY Members' other interests				DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Members' capital (classified as equity)	Revaluation reserves	Other reserves	Total	Other amounts	Total
	£	£	£	£	£	£
Amounts due to members					26,234
Balance at 01 April 2023	2	116,685	0	116,687	26,234	142,921
Profit for the financial year available for discretionary division among members	0	0	49,287	49,287	0	49,287
Members' interest after profit for the financial year	2	116,685	49,287	165,974	26,234	192,208
Division of profit	0	0	(49,287)	(49,287)	49,287	0
Drawings	0	0	0	0	(46,849)	(46,849)
Amounts due to members					28,672
Balance at 31 March 2024	2	116,685	0	116,687	28,672	145,359
Profit for the financial year available for discretionary division among members	0	0	33,648	33,648	0	33,648
Members' interest after profit for the financial year	2	116,685	33,648	150,335	28,672	179,007
Division of profit	0	0	(32,048)	(32,048)	32,048	0
Revaluations	0	13,815	0	13,815	0	13,815
Drawings	0	0	0	0	(52,740)	(52,740)
Amounts due to members					7,980
Balance at 31 March 2025	2	130,500	1,600	132,102	7,980	140,082

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

H&J Byrne LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Black Bear Inn, Bettws Newydd, CJsk, Wales, NP15 IJN.
The limited liability partnership's principal activities are disclosed in the Members' Report.

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. The principal accounting policies adopted are set out below.

Turnover

Revenue arises from sale of food and drink in the pub restaurant

Revenue is measured at the fair value of the consideration receivable for the provision of goods and services in the normal course of business, and is shown net of VAT

Intangible assets

Goodwill represents the excess of the cost of acquisition of freehold property over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Goodwill

20 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	20 years straight line
Vehicles	20 % reducing balance
Fixtures and fittings	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Once an unavoidable option 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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	12		15

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	104,000		104,000
At 31 March 2025	104,000		104,000
Accumulated amortisation
At 01 April 2024	28,167		28,167
Charge for the financial year	5,200		5,200
At 31 March 2025	33,367		33,367
Net book value
At 31 March 2025	70,633		70,633
At 31 March 2024	75,833		75,833

4. Tangible assets

	Land and buildings		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2024	386,185		27,795		54,253		468,233
Additions	0		0		10,273		10,273
Revaluations	13,815		0		0		13,815
At 31 March 2025	400,000		27,795		64,526		492,321
Accumulated depreciation
At 01 April 2024	20,560		12,008		23,464		56,032
Charge for the financial year	3,862		3,158		6,178		13,198
At 31 March 2025	24,422		15,166		29,642		69,230
Net book value
At 31 March 2025	375,578		12,629		34,884		423,091
At 31 March 2024	365,625		15,787		30,789		412,201

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	9,038		10,196
Trade creditors	11,411		12,430
Other taxation and social security	19,062		17,621
Obligations under finance leases and hire purchase contracts	1,624		1,624
Other creditors	2,500		3,823
	43,635		45,694

Included in bank loans above are amounts of £4,839 (2024 - £5,896) secured by way of a mortgage over the freehold land and buildings.

Included in obligations under finance leases is £1,624 (2024 - £1,624) in relation to hire purchase obligations. The amounts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	245,206		252,977
Obligations under finance leases and hire purchase contracts	2,165		3,789
Other creditors	107,667		107,667
	355,038		364,433

Included in bank loans above are amounts of £243,985 (2024- £247,790) secured by the way of a mortgage over freehold land and buildings

Included in obligations under finance leases is £2,165 (2024 - £3,789) in relation to hire purchase obligations. The amounts are secured against the assets to which they relate.