Heaphy's of Warwick LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC378409

Heaphy's of Warwick LLP

Filleted Unaudited Financial Statements

31 March 2025

Heaphy's of Warwick LLP

Statement of Financial Position

31 March 2025

	31 Mar 25		30 Sep 23
Note	£	£	£

Fixed assets

Intangible assets	5	5,000	5,000
Tangible assets	6	9,738	12,565
		-------	-------
		14,738	17,565

Current assets

Stocks	119,506	105,899
Cash at bank and in hand	72,815	27,672
	--------	--------
	192,321	133,571

Prepayments and accrued income	30		253

Creditors: amounts falling due within one year	7	22,457		26,598
		--------		--------
Net current assets			169,894	107,226
			--------	--------
Total assets less current liabilities			184,632	124,791
			--------	--------

Represented by:

Loans and other debts due to members

Other amounts	8	184,632	124,791
		--------	--------

Members' other interests

Other reserves	–	–
	--------	--------
	184,632	124,791
	--------	--------

Total members' interests

Loans and other debts due to members	8	184,632	124,791
Members' other interests		–	–
		--------	--------
		184,632	124,791
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the period 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Heaphy's of Warwick LLP

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 15 December 2025 , and are signed on their behalf by:

K. N. Scott	P. J. Watson
Designated Member	Designated Member

Registered number: OC378409

Heaphy's of Warwick LLP

Notes to the Financial Statements

Period from 1 October 2023 to 31 March 2025

1.	General information

The LLP is registered and trading in England and Wales with company number OC378409 . The address of the registered office is 8 Jury Street, Warwick, Warwickshire, CV34 4EW, United Kingdom.

2.	Statement of compliance

The financial statements have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021.

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.

Judgements and key sources of estimation uncertainty

In preparing these financial statements the members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Revenue recognition

Turnover, which is attributable to one continuing activity, represents amounts invoiced, excluding value added tax, in respect of the sale of goods and services. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced, calculated by reference to the stage of completion.

Members' participation rights

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised and classified as an asset on the Balance Sheet. The members made a decision not to amortise goodwill.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Equipment	-	15% reducing balance
Fixtures and Fittings	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

The LLP only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the LLP considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 2 (2023: 2 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 October 2023 and 31 March 2025	5,000
	------
Amortisation
At 1 October 2023 and 31 March 2025	–
	------
Carrying amount
At 31 March 2025	5,000
	------
At 30 September 2023	5,000
	------

6.	Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 October 2023 and 31 March 2025	2,413	36,186	38,599
	------	-------	-------
Depreciation
At 1 October 2023	1,279	24,755	26,034
Charge for the period	255	2,572	2,827
	------	-------	-------
At 31 March 2025	1,534	27,327	28,861
	------	-------	-------
Carrying amount
At 31 March 2025	879	8,859	9,738
	------	-------	-------
At 30 September 2023	1,134	11,431	12,565
	------	-------	-------

7. Creditors: amounts falling due within one year

	31 Mar 25	30 Sep 23
	£	£
Trade creditors	15,963	13,892
Social security and other taxes	4,485	3,605
Other creditors	2,009	9,101
	-------	-------
	22,457	26,598
	-------	-------

8.	Loans and other debts due to members

	31 Mar 25	30 Sep 23
	£	£
Amounts owed to members in respect of profits	184,632	124,791
	--------	--------

9.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Mar 25	30 Sep 23
	£	£
Not later than 1 year	31,000	26,408
Later than 1 year and not later than 5 years	124,000	12,626
	--------	-------
	155,000	39,034
	--------	-------