Hope Mill Partnership LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC386712

Hope Mill Partnership LLP

Filleted Unaudited Financial Statements

31 March 2026

Hope Mill Partnership LLP

Financial Statements

Year ended 31 March 2026

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Hope Mill Partnership LLP

Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Tangible assets	5	1,613,698	1,615,546

Current assets

Debtors	6	26,565	24,579
Cash at bank and in hand		20,020	31,327
		--------	--------
		46,585	55,906

Creditors: amounts falling due within one year	7	68,375	73,428
		--------	--------
Net current liabilities		21,790	17,522
		------------	------------
Total assets less current liabilities		1,591,908	1,598,024

Creditors: amounts falling due after more than one year	8	229,779	265,226
		------------	------------
Net assets		1,362,129	1,332,798
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	9	74,095	44,764

Members' other interests

Revaluation reserve	1,288,034	1,288,034
Other reserves	–	–
	------------	------------
	1,362,129	1,332,798
	------------	------------

Total members' interests

Loans and other debts due to members	9	74,095	44,764
Members' other interests		1,288,034	1,288,034
		------------	------------
		1,362,129	1,332,798
		------------	------------

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 2026 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 .

Hope Mill Partnership LLP

Statement of Financial Position (continued)

31 March 2026

These financial statements were approved by the members and authorised for issue on 14 August 2026 , and are signed on their behalf by:

David French

Designated Member

Registered number: OC386712

Hope Mill Partnership LLP

Notes to the Financial Statements

Year ended 31 March 2026

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Hope Mill, 113 Pollard Street, Manchester, M4 7JA.

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 May 2024 (SORP 2024).

3.	Accounting policies

(a) 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.

(b) Revenue recognition

Turnover is measured at the fair value of consideration received or receivable for services rendered, net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

(c) 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'.

(d) 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.

(e) 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, fixtures and fittings	-	15% reducing balance

No depreciation is provided on land and buildings because, in the opinion of the members, the realisable value will be in excess of the carrying value.

(f) 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.

(g) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4.	Average number of members

The average number of members during the year amounted to 3 (2025: 3).

5.	Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 April 2025	1,600,000	66,658	1,666,658
Additions	–	503	503
	------------	--------	------------
At 31 March 2026	1,600,000	67,161	1,667,161
	------------	--------	------------
Depreciation
At 1 April 2025	–	51,112	51,112
Charge for the year	–	2,351	2,351
	------------	--------	------------
At 31 March 2026	–	53,463	53,463
	------------	--------	------------
Carrying amount
At 31 March 2026	1,600,000	13,698	1,613,698
	------------	--------	------------
At 31 March 2025	1,600,000	15,546	1,615,546
	------------	--------	------------

Tangible assets held at valuation

On the 7th December 2015, the freehold property was revalued by Stuart F Beetle, FRICS, for Beesleys Chartered Surveyors, at a market value, subject to several occupational leases in the sum of £1,190,000. On the 19th May 2022, the partners obtained a formal property valuation of the freehold property. On behalf of Axis Property Consultancy LLP, Gemma Whyard BSc (Hons), MRICS and Nick Davies BSc (Hons), MRICS valued the property at a market value, subject to several occupational leases, in the sum of £1,600,000. Under the historic cost model the revalued freehold property would have a carrying amount totalling £311,966.

6.	Debtors

	2026	2025
	£	£
Trade debtors	6,658	8,013
Prepayments and accrued income	5,462	6,994
Other debtors	14,445	9,572
	--------	--------
	26,565	24,579
	--------	--------

7. Creditors: amounts falling due within one year

	2026	2025
	£	£
Other loans	35,447	33,554
Trade creditors	10,257	4,311
Accruals and deferred income	12,415	24,172
Social security and other taxes	7,136	6,057
Other creditors	3,120	5,334
	--------	--------
	68,375	73,428
	--------	--------

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

	2026	2025
	£	£
Other creditors	229,779	265,226
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £66,837 (2025: £110,984) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9.	Loans and other debts due to members

	2026	2025
	£	£
Amounts owed to members in respect of profits	74,095	44,764
	--------	--------

10.	Related party transactions

Mr D French is considered to be a related party by virtue of being a designated member. During the year Mr French received cash drawings from the LLP of £36,000 (2025: £77,000). Mr French is owed £24,699 (2025: £14,922) in respect of undrawn profits, as at 31 March 2026. Mr French is a shareholder in and director of AWOL Studios Limited. During the year the LLP charged rent and service charges to AWOL Studios Limited in the sum of £115,071 (2025: £110,193). As at 31 March 2026, AWOL Studios Limited owed the LLP £12,384 (2025: £8,616). AWOL Studios (NW) CIC is considered to be a related party by virtue of including a common member. During the year the CIC charged the LLP £14,920 (2025: £15,683) for professional services provided. As at 31 March 2026, AWOL Studios (NW) CIC owed Hope Mill Partnership LLP £Nil (2025: £Nil). Mr P Robinson is considered to be a related party by virtue of being a designated member. During the year Mr Robinson received cash drawings from the LLP of £36,000 (2025: £77,000). Mr Robinson is owed £24,698 (2025: £14,921) in respect of undrawn profits, as at 31 March 2026. Mr R Forde is considered to be a related party by virtue of being a designated member. During the year Mr Forde received cash drawings from the LLP of £36,000 (2025: £77,000). Furthermore, during the year Mr Forde loaned the LLP £Nil (2025: £120,000) and received interest in the sum of £15,595 (2025: £14,603) in respect to said loan. As at 31 March 2026, Mr Forde is owed £24,698 (2025: £14,921) in respect of undrawn profits and is owed £265,226 (2025: £298,780) in respect of the aforementioned loan, which is unsecured.