Hird and Partners Sheffield LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC439691

HIRD AND PARTNERS SHEFFIELD LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

HIRD AND PARTNERS SHEFFIELD LLP

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£	£

FIXED ASSETS

Intangible assets	4	882,742	874,370
Tangible assets	5	173,623	206,040
		--------------	--------------
		1,056,365	1,080,410

CURRENT ASSETS

Stocks		54,680	72,422
Debtors	6	860,048	373,949
Cash at bank and in hand		724,051	809,470
		--------------	--------------
		1,638,779	1,255,841

CREDITORS: amounts falling due within one year	7	1,074,550		433,779
		--------------		--------------
NET CURRENT ASSETS			564,229		822,062
			--------------		--------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,620,594		1,902,472

CREDITORS: amounts falling due after more than one year	8	66,220	78,111
		--------------	--------------
NET ASSETS		1,554,374	1,824,361
		--------------	--------------

HIRD AND PARTNERS SHEFFIELD LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

	2025		2024
Note	£	£	£	£

REPRESENTED BY:

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members' capital classified as a liability	9	1,306,001	1,246,000
Other amounts	9	248,373	578,361
		--------------	--------------
		1,554,374	1,824,361
		--------------	--------------

MEMBERS' OTHER INTERESTS

Other reserves	–	–
	--------------	--------------
	1,554,374	1,824,361
	--------------	--------------

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members	9	1,554,374	1,824,361
Members' other interests		–	–
		--------------	--------------
		1,554,374	1,824,361
		--------------	--------------

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 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) 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 .

HIRD AND PARTNERS SHEFFIELD LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 23 December 2025 , and are signed on their behalf by:

S Dumbleton

Designated Member

Registered number: OC439691

HIRD AND PARTNERS SHEFFIELD LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1.	GENERAL INFORMATION

The LLP is registered in England and Wales. The address of the registered office is 2 King Street, Halifax, HX1 1SR.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A 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' issued in December 2021 (SORP 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 entity.

Going concern

After reviewing the LLP's forecasts and projections, the designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Members' participation rights

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Medical equipment	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	33% straight line

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

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. At each reporting date, an assessment is made for impairment, any excess of the carrying amount of stock over is estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4.	INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 April 2024	999,138
Additions	–
Acquisitions through business combinations	238,000
Disposals of previously acquired businesses	( 178,000)
	--------------
At 31 March 2025	1,059,138
	--------------
Amortisation
At 1 April 2024	124,768
Charge for the year	51,628
	--------------
At 31 March 2025	176,396
	--------------
Carrying amount
At 31 March 2025	882,742
	--------------
At 31 March 2024	874,370
	--------------

5.	TANGIBLE ASSETS

	Medical equipment	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2024	102,890	173,294	11,258	287,442
Additions	3,995	19,900	–	23,895
Disposals	–	( 8,429)	–	( 8,429)
	-----------	-----------	---------	-----------
At 31 March 2025	106,885	184,765	11,258	302,908
	-----------	-----------	---------	-----------
Depreciation
At 1 April 2024	40,055	33,729	7,618	81,402
Charge for the year	12,667	36,242	730	49,639
Disposals	–	( 1,756)	–	( 1,756)
	-----------	-----------	---------	-----------
At 31 March 2025	52,722	68,215	8,348	129,285
	-----------	-----------	---------	-----------
Carrying amount
At 31 March 2025	54,163	116,550	2,910	173,623
	-----------	-----------	---------	-----------
At 31 March 2024	62,835	139,565	3,640	206,040
	-----------	-----------	---------	-----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2025	86,736
	---------
At 31 March 2024	115,648
	-----------

6.	DEBTORS

	2025	2024
	£	£
Trade debtors	270,838	343,776
Other debtors	589,210	30,173
	-----------	-----------
	860,048	373,949
	-----------	-----------

7. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	51,888	26,783
Social security and other taxes	16,157	14,732
Other creditors	1,006,505	392,264
	--------------	-----------
	1,074,550	433,779
	--------------	-----------

8. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	66,220	78,111
	---------	---------

9.	LOANS AND OTHER DEBTS DUE TO MEMBERS

	2025	2024
	£	£
Amounts owed to members in respect of profits	248,373	578,361
Other amounts	1,306,001	1,246,000
	--------------	--------------
	1,554,374	1,824,361
	--------------	--------------

10.	OPERATING LEASES

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

	2025	2024
	£	£
Not later than 1 year	1,416	1,416
Later than 1 year and not later than 5 years	5,664	5,664
Later than 5 years	1,416	2,832
	--------	--------
	8,496	9,912
	--------	--------