Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 43,459 | 43,276 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 161,349 | 146,256 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| Net current assets | 131,780 | 133,065 | ||
| Total assets less current liabilities | 175,239 | 176,341 | ||
| Net assets attributable to members |
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| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Other amounts | 175,239 | 176,341 | ||
| 175,239 | 176,341 | |||
| Members' other interests | ||||
| 0 | 0 | |||
| 175,239 | 176,341 | |||
| Total members' interests | ||||
| Loans and other debts due to members | 175,239 | 176,341 | ||
| 175,239 | 176,341 |
Members' responsibilities:
H S Black & Co LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
The financial statements of H S Black & Co LLP (registered number:
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H S Black
Designated member |
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.
H S Black & Co LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the LLP will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The fair value is determined annually by the members, on an open market value for existing use basis.
The LLP only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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.
Joint ventures involving jointly controlled assets are when there is joint control by the venturers of assets acquired for the joint venture. The share of the jointly controlled assets is recognised in the Statement of Financial Position along with a share of associated debtors and creditors, and the profit or loss from the joint ventures is recognised in the Statement of Comprehensive Income.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of employees, including members, during the year |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 April 2024 |
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| Additions | 183 |
| As at 31 March 2025 |
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| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Accruals |
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| Other taxation and social security |
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| Other creditors |
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All members are related parties, and transactions with them are shown in the Reconciliation of Members' Interests.
The LLP is involved in a joint venture with jointly controlled assets. In line with the accounting policy, the LLP received profit shares totalling £1,000 (2024: £nil), and the financial statements recorded investment properties of £42,459 (2024: £43,276), other debtors of £30 (2024: £nil) and other creditors of £883 (2024: £nil). Also included within other creditors is a balance owed to the joint venture partner of £206 (2024: £1,178).