Hood McGowan Kirk LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: NC001455

		31 March 2025		31 March 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		19,309		23,714

			19,309		23,714
CURRENT ASSETS
Stocks	5	219,105		138,438
Debtors	6	277,472		497,820
Cash at bank and in hand		108,176		6,355

		604,753		642,613
Creditors: Amounts Falling Due Within One Year	7	(571,099 )		(519,831 )

NET CURRENT ASSETS (LIABILITIES)			33,654		122,782

TOTAL ASSETS LESS CURRENT LIABILITIES			52,963		146,496

Creditors: Amounts Falling Due After More Than One Year	8		(26,405 )		(32,060 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			26,558		114,436

REPRESENTED BY:
Loans and other debts due to members
Other amounts		-		87,878

			-		87,878

Equity
Members' other interests
Members' capital		26,558		26,558

			26,558		26,558

			26,558		114,436

...CONTINUED

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Hood McGowan Kirk LLP

Balance Sheet (continued)

As At 31 March 2025

TOTAL MEMBERS' INTEREST
Amounts due from members	(14,248)	-
Loans and other debts due to members	-	87,878
Members' other interests	26,558	26,558

	12,310	114,436

For the 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 applicable to LLPs subject to the small LLPs regime.)

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 accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

Mrs Ciara Maitland Partner	Mr Andrew Maxwell Partner
17/12/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Hood McGowan Kirk LLP is a limited liability partnership, incorporated in Northern Ireland, registered number NC001455 . The Registered Office is M&D House, Newforge Lane, Belfast, BT9 5NW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% Straight Line
Plant & Machinery	33% Straight Line
Fixtures & Fittings	10% Reducing Balance

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Hood McGowan Kirk LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 9 (2024: 10)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 April 2024	40,000	30,225	6,725	76,950
Additions	-	1,836	-	1,836

As at 31 March 2025	40,000	32,061	6,725	78,786

Depreciation
As at 1 April 2024	22,667	27,396	3,173	53,236
Provided during the period	4,000	1,886	355	6,241

As at 31 March 2025	26,667	29,282	3,528	59,477

Net Book Value
As at 31 March 2025	13,333	2,779	3,197	19,309

As at 1 April 2024	17,333	2,829	3,552	23,714

5. Stocks

	31 March 2025	31 March 2024
	£	£
Work in progress	219,105	138,438

6. Debtors

	31 March 2025	31 March 2024
	£	£
Due within one year
Trade debtors	255,831	495,437
Amounts owed by participating interests	260	260
Other debtors	21,381	2,123

	277,472	497,820

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Hood McGowan Kirk LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Creditors: Amounts Falling Due Within One Year

	31 March 2025	31 March 2024
	£	£
Trade creditors	167,984	78,309
Bank loans and overdrafts	5,700	33,016
Other creditors	305,730	292,979
Taxation and social security	91,685	115,527

	571,099	519,831

8. Creditors: Amounts Falling Due After More Than One Year

	31 March 2025	31 March 2024
	£	£
Bank loans	26,405	32,060

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